US equity indexes are looking stuck around the sp'2100 threshold. Clearly, the bulls would achieve a provisional victory on a daily close in the sp'2100s.. a mere 1.7% from breaking a new historic high. VIX remains extremely subdued, -7% in the 12.40s.
Well, the hourly cycle is still powering upward. Clear resistance - as at today's close will be 2106.
Any Tuesday gap into the 2110s would be even more of a problem than the nonsense we saw last Wednesday.
For now though.. by definition, today's move remains a bounce... unless a higher high is achieved.
notable strength: AAPL.
With the daily cycle clearly broken though.. this is arguably a near perfect bounce..back to the old broken floor.
1.23pm... Intraday update from Riley.