Thursday 9 October 2014

11am update - the battle continues

US equities see some continued weakness...but nothing too significant yet. Hourly cycles are offering weakness ALL the way into the weekly close. The key resistance level is now sp'1968... whilst equity bears should be seeking a move under 1950.


sp'daily5


VIX'daily3


Summary

*I've adjusted the daily chart a little. The right side trend/resistance, now covers the Monday spike high of 1977.. with 1968 as new key resistance.
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Suffice to say, no one can say its boring!

The up swings are wild... the down swings are equally strong too...

Energy stocks under huge downside pressure, CHK -3.5%, now in the $19s.
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11.26am Bears holding pretty well.... daily 10MA @ 1961/62 is arguably a good intraday short-stop level... anything over there... would be bullish.

Other than that... its a case of 'lets see how far we can go in this new down cycle'.