sp'daily5
Summary
*awaiting PMI manu' data at 9.45am
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So, we're set to open a little higher, but we do have a short term double top of sp'1883. Bears just need to break <1860, to open up a trend/floor test in the 1845/35 zone.
If we somehow break <1830 this week, then we'll keep going, at least to the 1790s.
*no sig' QE-pomo until Wed', so the bears have a clear window of opportunity until early Wed' morning.
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Video update from Oscar
I would have to agree with Oscar that the primary trend is very much intact, However I find it difficult to envision a straight up move to the 2100s. Perhaps 1925/50, and then 1600s on a 'summer swoon', and then up into year end?
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As ever...updates across the week!
9.36am opening minor gains.
I will consider picking up a small SPY put block around 11am....give the bull maniacs a good hour to get exhausted.
VIX is lower, and indeed..it IS low, which at least makes buying index shorts..cheaper.
Metals weak, Gold -$16.