2pm update - a brief hour or two lower

This mornings post-ISM rally seems to have peaked around sp'1415 , a mere 7pts below the recent high. Although the dow did already hit a new high, roughly equivalent to sp'1424/26. VIX remains weak, no sign of a floor.


Sp'60min

Only a break under 1395 would be qualify as an initial bearish signal, and it certainly would be a good stop-loss level for existing/new long positions.


IWM, daily, bearish H/S outlook

The SP bearish H/S chart is arguably busted already, however the IWM version - is hanging in there..just. Bears need a break under the 10MA - a touch under 81 for any near term hope of downside. Bulls need a break above 83 - which we have come very close to breaking today.

Nothing bearish in the immediate term...those big-money bears (so few surely remain) are surely going to have to sit it out for a few days. Only a lower low of 1390/85 would indicate 'something' might be changing.