Tuesday 5 May 2015

1pm update - no latter day recovery

US equities remain moderately weak, and for once... a latter day recovery looks increasingly unlikely. Next downside target is the sp'2090/85 zone... and is certainly viable tomorrow morning. Metals are cooling from earlier gains, Gold +$4. Oil is holding sig' gains of 3.1%.


sp'60min


Summary

Underlying MACD (blue bar histogram) on the hourly equity cycle is now negative.. and looks headed lower into tomorrow.. and probably Thursday too.

Things really only get 'marginally interesting', on sustained action under 2072.. but right now, that looks out of range, even if the market doesn't like the Friday jobs data.

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notable weakness.. FB, -1.6%.


Next support is around $74... and that sure won't help TWTR.. which is increasingly subdued...melting toward the Dec' low of $34s.