Monday 30 June 2014

10am update - minor opening chop

US indexes start the shortened week with minor chop. Sp'500 has strong support in the 1945/35 zone, with viable upside to 1975/80 by this Thursday. VIX is higher, but only 3%.. in the 11s. Metals and Oil are both flat.


sp'weekly8b


Summary

*note the upper weekly bollinger has jumped into the mid 1970s.

Certainly, market looks viable for upside melt into the 1975/80 zone by late Thursday.
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Chicago PMI 62.6.... a long long way above the 50 recessionary threshold. For the bulls out there, the PMI is highly suggestive that Q1 was an anomaly...and that Q2 will come in 2-3% growth.

Right now...I don't know what to make of this.
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Notable weakness, coal miners, BTU -1.7%, WLT -3.3%