The Friday session is off and stumbling. VIX remains in the cellar now down to 14.08. Bulls are pushing on UTIL, now at 463, only three points from 466 which would create a new leg higher for the broad indexes. GTX is dropping lower. JJC is flatish at 46.45 well above the 45.40 bull-bear danger line. Thus, status quo, keep an eye on the utilities. The 10 AM data created a downward pivot. Markets are traveling sideways thru the 1457-1466 range as mentioned this morning, and will continue to do so unless one of the above four parameters flinch. The euro is 1.3040. The 10-year yield is 1.94%. The EGLE long trade is feeling some love up 40% today but who knows what is going on there, likely a large short squeeze.
Note Added 1/3/13 at 2:11 PM: UTIL is only a point away from 466 but it remains bearish. VIX is under 14 providing the afternoon bull fuel. JJC remains elevated in the bull camp. GTX is bearish. Thus, status quo, markets move sideways with an upward bias due to the utilities marching higher with UTIL moving towards the bull-bear line at 466. Bears do not have any juice today. SPX remains inside todays sideways range. The euro receives lift to 1.3075 moving up as equities move up. Keystone added more to the ongoing FAZ long trade. The minute and hour charts hint that this price level may serve as a low as positive divergence is in place.
Note Added 1/3/13 at 2:36 PM: The very short term SPX topping behavior over the last day or so, with the minute charts and hourly charts placing highs, with the indicators in negative divergence, continues along. Price is resilient preferring to move sideways rather than roll over. The negative divergence should begin knocking down the SPX anytime now thru the close or first thing Monday morning. UTIL losing a bit of gas, now at 464, two away from 466.
Note Added 1/3/13 at 2:47 PM: Watch the SPX 30-minute chart with 8 and 34 MA cross. The 8 MA remains above the 34 MA which signals bullish markets ahead but the moving averages are converging. The close today may prove quite interesting.
Note Added 1/3/13 at 3:12 PM: The SPX tags the closing high from 2012 at 1465.77. Broad indexes are printing highs of the day as the Friday buoyancy appears but VST charts show negative divergence. The 1468 is very strong resistance and the next test if price remains above 1465.77. Perhaps some drama into the close, 45 minutes is a lot of time remaining.
Note Added 1/3/13 at 3:28 PM: The SPX tests 1468 resistance. The next R is 1472. Above that the next resistance is the intraday high for 2012 at 1474.51. This is an interesting close, the negative divergence says that price needs to move down, but the bulls keep pushing higher. UTIL is at 464.50.
Note Added 1/3/13 at 4:02 PM: The SPX finishes at 1466.47 above the 1465.77 which is a five-year closing high. Not intraday high, but closing high. That will keep bulls happy all weekend long since the headline was just written. The negative divergence on the VST charts should push the broad indexes lower on Monday unless some type of good political news or other such positivity occurs on the weekend such as China positive news. The bulls ran higher to begin the year. Seasonality-wise, the first day is up, the first week is up, thus, January would be expected to be up and 2013 up. Euro is 1.3080. The four parameters, UTIL, GTX, VIX and JJC did not change their stripes today. The 10-year yield is 1.91% off the high yields earlier today, sitting exactly at the important 1.91%-ish S/R level described in this morning's TNX chart. LIkewise, JJC, copper, sits at its top trend line described in this morning's JJC chart. Decisions will need to be made next week.
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