1pm update - market struggling a little

The sp'500 is -3.5pts @ 1657, a mere 1pt from the morning low. Yet other indexes are not as closing to breaking new lows. Bears still look exhausted, and a recovery/bounce into the sp'1680s remains the target. Oil has lost its earlier gains, back to flat.  VIX is similarly off the lows, now -3%


sp'60min

Trans, daily

Summary

Note the market 'old leader' - Trans, actually still positive.

That is probably the key sign indicating the main market will hold up...and rally into Monday.
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Certainly, there seems absolutely zero reason to be short across the weekend, not least for the options traders out there.


1.09pm..  sp/dow break new lows..but everything is still holding up.

Tech and Transports are STILL positive on the day.
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1.45pm...R2K and Dow now breaking new daily lows.. hmm.

Oh well, at least I'm not long.  Always overly risky, whilst the bigger cycles are pushing lower.
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