The 15min cycle rolled over in the last hour, but the bigger (and more powerful) hourly cycle still suggest there is underlying strength for Tue-Thursday. As it is, I'm glad to be on the sidelines, this is kinda tricky to manage today. As they say 'in in doubt...stay OUT!'
Sp' daily - bearish outlook
Sp'60min H/S
With the SP' breaking 1340 (and the dow' doing the same equivalent), we have some good confirmation that the bigger bearish outlook will more than likely occur.
Right now, I am looking to re-short around 1370/75, probably this Thursday, AFTER the Facebook hysteria is out of the way.
In many ways, once we get the 'FB' listed on the NASDAQ this Thursday, the doomer-bears can come out to play...with all their toys. A move from sp'1370 to 1270 across the following 2 weeks would make for some great bearish gains
*I'm keeping an eye on the VIX which is close to making a new daily high. Hmm, that is certainly a problematic warning for those holding long overnight.
More after the close!