Tuesday 22 July 2014

2pm update - afternoon chop

US equities are holding almost all of the gains, although the indexes are clearly somewhat stuck around sp'1985. There is fair probability of a minor down wave, but barring some 'spooky' news report, even the 1960s now look out of range.


sp'60min


Summary

It doesn't look great for the bears. Price action remains broadly bullish, and with new historic highs in the Trans/SP, there is little real hope of even the 1960s.

Those recently touting the 1930/20s... should have been waving the white flag this morning.
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back in a bit........


2.30pm.. the chop continues. Considering the broader market... we're probably churning out a bull flag/pennant.. might take another day to complete...

regardless..with the two leaders - Trans/R2K pushing higher as they are..... can't be short this.

Similarly, VIX showing no reversal... -7% in the 11s.