*Chicago PMI 56.2.. vs exp. 62. A truly atrocious number, market is selling off a little.
I was watching clown channel just earlier..they already today said what I had noted 'to look for' yesterday 'if we get bad jobs data this week, market will rally...due to hopes of QE3'. Sigh.
Sp'60min
Finally a break under the 10MA on the hourly, yet only a close below it will be even the slightest 'hope' for the bears. Without question, bears need to see this market back in the 1370s before any kind of justified excitement about potential downside.
IWM'60min
VIX'60min
I'd still argue though, whilst VIX remains under 20, any 5, 10, even 15% moves are just static/noise. Only with a break over 21 should the bears start to take any down move in the indexes seriously.
*lets also note that its the end of the month, and so the state in which the monthly charts end, will be important. Bears best hope...mid'1380s today, although that honestly seems too bold right now, despite the morning weakness.
More throughout the day.