Thursday 31 March 2016

10am update - opening micro chop

US equities open rather subdued. The hourly equity/VIX cycles continue to increasingly lean in favour of the equity bears. With the USD -0.4% in the DXY 94.40s, the metals are naturally on the rise, Gold +$11, with Silver +1.5%. Oil is +0.5% in the $39s.


sp'60min



VIX'60min



Summary

*Chicago PMI: 53.6... nothing bearish there. Equity bulls should be rather pleased with that number.
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Little to add.

First soft downside target for the bears should be a break under the Tuesday close of sp'2055. If that can be achieved, the door will open to 2040/35... with VIX 15s.

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notable weakness, BA, daily


Lower for a seventh day... seemingly headed to 122/121.
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time for some sun... back soon