Thursday 12 March 2015

3pm update - a day for the bulls

US equities look set to close the day with significant net gains... somewhere close to the 50dma of sp'2059. VIX is naturally cooling, -7% in the 15s. Metals are weak.. Gold -$1. Oil continues to slide -1.7%... in the $48s.


sp'60min



sp'daily3 - fib retrace


Summary

Price structure on the hourly is a classic bullish F flag... bodes for 2075/80 tomorrow.
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re: fib retrace... the bearish outlook right now is that this is just a bounce... upside target would be 2075/80.. and then down to 2000 after the next FOMC.

Ultra bearish case is rising support on the weekly in the sp'1940s... but I realise that sounds like crazy talk.
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back at the close.