Unlike yesterday's train wreck closing hour, US equities are set to close with significant gains. Equity bulls should be seeking a daily close above the hourly 10MA - currently @ 1905. The VIX looks vulnerable to losing the 30s. There is notable weakness in the metals, Gold -$12, with Silver -3.5%
Well, its been a rather incredible six trading days.. but it seems fair to say we have a secure double floor of sp'1867.
The issue now is whether the rally will last just a few days... rolling lower into end month (Monday)... or can keep going all the way into the next FOMC (Sept 17'th).
Considering the price action of the past few years, an overly high and extended bounce/rally into mid Sept' looks viable.
Targets.. Primary sp'2000
Secondary.. 2050/70 zone.. where there are an absolute truck load of aspects of resistance.
On no reasonable outlook does sustained action >2080 look viable for some months.
*I will hold long-AAPL overnight... unless there is some bizarre spike higher in the closing hour to the $110s.
3.05pm... It is notable that the hourly upper bollinger has stopped falling, and is now around 1950s... that will be a valid target for tomorrow.
3.11pm.. HUGE waves of buying... over and over...
Mainstream starting to catch on.... we have a floor... we're headed higher.
3.12pm.. sp'1930s... monstrous short-stop cascade underway.. as bears are being kicked out....
This will make for one of the bigger net daily gains... EVER.
VIX set to lose the 30s.. into the close.