Good morning. Well, here we go again. Opening moderate gains for the bulls. We're again trying to break up and out of the current cluster area of 1430/60.
VIX is 3% lower, but it is hard to make anything out of that move though.
sp'60min - H/S
I'm certainly guessing we don't break to a new high yet, but that is certainly not something I am particularly confident of. The underlying daily MACD cycle is starting to tick higher, and even though the formation is now a 5 day bear flag, its still a little concerning.
Bears should seek weakness later in the day. A close under 1440 would be the aim for today.
I remain short, seeking an exit @ 1420.
back at 12pm