12pm update - 1562 before 1538 ?

There really isn't much going on today, and the morning action is indeed just minor chop. The only issue is whether we see some algo-bot melt this afternoon - into the low sp'1560s...before the next down cycle. The notion that 1573 will be exceeded..seems borderline crazy talk.


sp'daily5b - best guess

sp'weekly2, rainbow

Summary

I thought I'd highlight the weekly chart, since its a fair reminder that we ARE still building a top. This weeks candle looks set to close blue or red. I just can't envision another lurch higher.

As I called it last week, the top is in..at least for 3-4 months.

Bears need to be patient, and obviously, the big short-stop line is 1573/74

Time for lunch
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VIX update..from Mr T



back later