Wednesday 4 June 2014

12pm update - market in melt mode

The market continues to grind higher, with the daily/weekly cycles offering sp'1935 in the immediate term. With the indexes turning positive, the metals have flipped negative, Gold -$2. VIX is battling to hold the 12s.


R2K, daily


R2K, weekly2


Summary

*I think it might be useful to focus on the R2K for a while, as an indicator of where the broader market is headed.

If you believe we'll hit at least 1170/80, then that bodes for sp'1950/60.

As it is, we could briefly spike to 1945/50 this Friday, before some kind of sub'4 wave lower - as a fair few other chartists are seeking.

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VIX update from Mr T.



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time to cook!