US equities remain moderately lower, and with the hourly cycle set to see a bearish MACD cross at some point next Monday, there should be increasingly downward pressure into the weekly close, not least after a giant hyper ramp from 1867 to 1993. Equity bears need sub 1970s for a net weekly decline.
*note the lower bollinger on hourly chart.. currently at 1881.. and rising rapidly. That will probably be around the 1940/30s by next Tue/Wed.
All things considered, the market should see lower levels in the closing hour.
After all, how many bears are there left to cover? Instead, I'd imagine some of the rats will want to make a run for the exit door.
3.17pm.. chop chop.. sp'1983... 0.5% below the earlier high.
The sp' is set for a net weekly gain of around 0.5%.. which is a pretty bizarre thought, considering the Monday and Tuesday carnage.
3.30pm.. We've spent the better part of two days stuck around sp'1980.
As things are... outlook remains unchanged... increasing weakness.. with downside to 1945/30 in first half of next week.
... yours truly will have eyes on AAPL... 109s... the 108/107s would be a bonus entry.
3.35pm.. notable gains in the VIX, +10% @ 28.71... . kinda crept higher without me noticing.
3.37pm.. sp'1979..a few of the rats are starting to JUMP.
3.44pm.. A weekly VIX close in the 30s now looks due... with sp'1975/70.
Overall.... an incredible week.................. back at the close.