Monday 12 January 2015

11am update - battling for an ABC floor

US equities remain moderately lower, with a viable key floor of sp'2022. The bull maniacs should be pushing (pretty hard) for a daily close back in the 2040s. Metals are holding moderate gains, Gold +$5. Energy prices remain in collapse mode, Oil -4.5%.. new low of $45.91


sp'15min


Summary

Suffice to say... 2022... probably it for the bears. From here... first upside target is the historic high of 2093.. and then 2110s.

As many recognise..there is a truckload of resistance in the low 2100s. It will be interesting to see whether market merely grinds higher into late spring... or keeps dropping 3-5%.. but with broadly higher highs... and higher lows.

--
time for an early lunch