Monday 11 January 2016

12pm update - marginal new low

US equities break a new cycle low of sp'1913, but the equity bears still look exhausted, and a sig' bounce looks due. Oil sure isn't helping market mood, having broken a new low of $31.55, next soft support is the $30 threshold, and then $25.. the latter of which looks a given.


sp'60min



VIX'60min



Summary

*with a new low.. fib retrace/bounce adjusted
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Those equity bears bravely holding across the weekend have had a prime opportunity to exit this morning, as the hourly/daily cycles are threatening a bounce that could easily stretch into early next week.

First upside target is the 1975/80 zone. At best equity bulls might test the giant 2K threshold, but they will not break/hold above it.

The next trade should (in theory) be kinda straight forward.

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Here in London city...


Grey, chilly, kinda horrible, with threat of snow later this week. Is snow bullish or bearish for the UK economy?
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VIX update from Mr T.



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time for tea