11am update - a tunnel of terror..ahead ?

A choppy open, but once again, the underlying weakness is showing. With the daily chart now ticking lower on ALL indexes, it is a case of 'sell every minor intra-day' rally. I believe there is a very viable H/S formation on the transports, if correct, it suggest sp'1370s within the next few days.


Trans'60min

sp'60min

sp'daily5

Summary

An annoying open, but general trend remains DOWN.

I remain short, I will be tempted to exit around 1400/1395, if I can get it in the next 1-3 hrs.

In any case, I will still look to be short overnight, since we are due some kind of major gap lower in this new cycle, and I want to be part of that.

Bulls in a tunnel of terror, later this week?



more later..

UPDATE 11.15am.  renewed weakness, sp'1400 not far away now.

I might exit, with the tranny on the H/S neckline, around 5040/30..

standing by.