1pm update - bears facing further problems

Market is holding moderate gains, and despite a touch of weakness, the smaller 5/15min cycles are offering upside into late afternoon. No doubt the QE of $3bn will help. A close in the 1660s will open up the 1680/85 upper gap zone. VIX is confirming a market..that just 'doesn't care'.


sp'15min

sp'60min

Summary

The 15min cycle is offering a bullish pennant..with a daily close in the 1660s.

Frankly, this looks a lousy situation for the bears, not least ahead of a jobs number that might see the market jump 1% for no good reason.

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Price action just doesn't look good enough to launch a re-short.

I should add, I will have little concern shorting in the 1680s..although even then, the big/serious bear money should have a stop in the 1690s.
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