The minor weak chop continues, with the market stuck in the mid sp'1820s - a mere 1.5% from the historic highs. VIX remains -1%, and is reflective of a market that has zero concern for at least another week or two. Metals are losing their gains, Gold +$1, with Silver now --0.4%
Regardless of where we floor in the indexes, the bears look set to get nailed later this week, and a weekly close in the 1850s looks very viable.
There is simply no real power on the downside, and this is arguably a pretty standard ABC retracement.
Notable strength: FB, +3%.
2.08pm.. a daily close >1832..would arguably break the down trend, and confirm the floor is in.
As it is, still risk of further down wave to the 1818 fib target, but really, that is very minor in the scheme of things, and I sure won't be trading it.
2.38pm.. very marginal situation..bulls just need >1832...and bears are toast.
Very minor chance of 1818 now.....so.. 0.6% downside viable..vs 2-4% upside.
That is not so great for the bears, is it?