12pm update - bulls...tired

Yesterdays little hyper-ramp into the close was certainly nothing we've not seen more than a few hundred times since the collapse wave lows of March'2009. The market feels like its getting real tired again. Bulls probably got one more chance to ramp it to 1330 today. The longer they are stuck at this level...they are giving those bears another chance to renew the down cycle.

Bears can go short, with a simple stop at the morning high of sp'1324/25. Considering the MACD cycle...no one should be adding new long positions until we are at least testing the hourly 10MA @ 1309.


Sp'60min

VIX'60min

Summary

Look at the MACD cycle, its just about levelled out. Bulls had their chance this morning to gap it through or crawl across sp'1330....they failed.

We have an interesting few hours ahead. Might we yet have some further big downside action into Friday, before the long holiday weekend?

Stay tuned!