2pm update - minor bounce

A lot of the chess pieces were on the move today, bond yields making new lows..the Euro breaking 1.24, and WTIC' Oil breaking under 90 - down around $3.50 today. Equities 'should' in theory be a lot lower than they currently are, and I will look for them to catch up - with much further declines tomorrow/Friday.


Sp'15min cycle

Sp'60min

Summary

I don't think bears - who took new positions this morning have anything to be concerned about with this minor up move. For the serious money, good stops of course - either at yesterdays high of sp'1335..or tighter..1330/25.

It will be interesting to see how the market closes.Yesterday we saw a mini ramp, can we close today at the low of the day?

Arguably, bears really need a close under the hourly 10MA @ 1321. A close under 1310..would be a real gift for the bears..but that seems unlikely.