Whilst the daily and weekly cycles are pushing lower, we're more than due a bounce...into the sp'1800s. Metals are higher, Gold +$3, whilst Oil has jumped a rather significant 1.5%. Equity bears look to have problems until Wednesday afternoon.
With Durable Goods Orders coming in weak, the chatter is about a possibly weaker than expected Q4 GDP - due Thursday.
Then there is the issue of Fed taper'2. All things considered, ironically, it'd probably more upset the market if the fed don't cut QE.
However, another $5bn less of POMO money each money is going to be further lessen the chance of new highs.. >1850.
Notable movers: AAPL, -7%, STX -9%
I've yet to check the detailed results, but still...it remains under-valued relative to the main market. In terms of price...with a break under the 50 day MA...a natural move would now be to $47/45
10.37am... chop chop....but you can see...the pressure is there..for a bounce...
target remains 1810/15...by Wednesday afternoon.