For the equity bears, it has been a tiresome Thursday, as most indexes are now battling to turn positive by the close. VIX is failing to show any upside power, and is now vulnerable to a red close. USD remains in cooling mode, -0.4% @ DXY 97. Gold +$2. Oil has turned positive, swinging from -2% to +0.2%.
*Transports remains significantly weak, but certainly... the broader market isn't following.
Little to add.
A failed down wave, any move above sp'2123/24 would negate what hope there is for the bears.
3.38pm.. The chop continues... price structure is still a bear flag (just)... but really... it'd seem everything is now dependent on how the market interprets tomorrow's econ-data.. along with overnight Asian markets.