Friday 29 August 2014

10am update - opening minor gains

US equities open a little higher, back above the giant sp'2000 threshold. Hourly cycles are offering upside into the Friday/monthly close. VIX is melting lower, with a likely close in the 11s. Metals are weak, Gold -$3, and that is not helping the miners.


sp'60min


VIX'60min


Summary

*Most notable, the upper bollinger on the daily, now in the 2020s. Consider that the weekly cycle is also offering the 2020s... it seems a viable level next week.
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As things are.. we have opening gains... failing.. .and a reversal candle on the VIX.

The problem for the bears... barring a sporadic 'spooky' news headline... just where is the downside power going to come from?

At best.. 1985/80...if that... and then up next week.


10.33am.. sp -1pt..... exciting huh?

Really, for most, nothing to see here today.... turn off ya screens...and enjoy the last days of summer.