Monday 16 March 2015

3pm update - an important closing hour

US equities continue to claw upward.. with a new intra high of sp'2079 - a full 50% fib' retrace of the wave from the historic high of 2119. Equity bears are on the edge here... with VIX cooling -2.6% in the 15.60s. Metals remain weak, Gold -$2. Oil remains broadly weak, -2.6%.


sp'daily3 - fib levels



sp'60min



Summary

We have a pretty important closing hour.

Equity bears arguably need a daily close back under the daily 10MA of 2074/73..  considering the current price action... that won't be easy.
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Notable weakness, INTC -0.4%... which is pretty lousy, considering the current market gains.
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3.04pm.. short stop cascade underway.... sp'2080.... next level is the Mar'9 high of 2083.

Interestingly.. VIX remains relatively unmoved in the 15.50s.
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3.15pm.. Equity bears need a daily close <2075 to break the bull flag...  however, across Tuesday morning, any sustained trading <2080 will do it.

VIX attempting to floor.. -2.4% @ 15.62...


3.41pm.. minor chop.. stuck at upper end of resistance @ 2080....

A daily close under the 10dma of 2074 looks highly improbable.. and that does bode in favour of the bulls for rest of the week.

... back at the close