12pm update - still holding gains

Despite some continued mild concern, US equities are holding moderate gains. Price structure is offering a baby bull flag on the micro 5/15min trading cycles. There is viable upside to the sp'2035/45 zone by Friday. VIX is -5% @ 20.00, a daily close in the 19/18s looks probable.


sp'60min

VIX'daily3

Summary

*FOMC minutes due at 2pm. Should offer an excuse for market to push another wave higher, if the mainstream decide that interest rates won't be raised until at least the second half.
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So.. we're still net higher. No doubt, some will be calling today a bounce, but yesterday's price action is offering a rather clear spike floor of sp'1992.

All things considered... a brief hit of the Dec' low of 1972... or the 200dma of 1960.. now look out of range.
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VIX update from Mr T


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time to cook, back at 2pm