Tuesday 22 December 2015

3pm update - a second day of gains

US equity indexes are set for a second consecutive net daily gain, with the sp' due to settle within the 2030s. Wed' offers construction of a baby bull flag, before the week settles in the 2045/50 zone. More significant strength looks due next week, to close the year above the 50/200 day MAs


sp'60min



USO, daily2




Summary

Little to add.

The gains in Oil are still within a broader down trend. Even if Oil can claw to the $40 threshold within the next few weeks, it will do nothing to suggest the collapse wave from summer 2014 is over.

Indeed, there is still very little industry capitulation in the oil sector.. nor for that matter, in precious metals/mining.

For the drivers out there.. and almost everyone... low oil/energy prices remain one of the distinct good things across this year.
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back at the close