This is one lousy end to both the month and the quarter, for those currently trading to the downside. With the market gapping up strongly at the open, hitting the big 1350 level, all the 'big money' bears will have been stopped out by now.
Chicago PMI: 52.9 vs 53.1 expected -lowest since Sept'2009. Yeah, we're back to those 'green shoots of summer 2009'.
Consumer sentiment: 73.2 vs 74.1 exp
sp'60min - count'1
*VIX showing a hollow red candle on the hourly...could be hinting at a reversal, but still, thats one major drop. Would really need to see a few black candles on the indexes to confirm that.
ohh..here is one...
The H/S formation is clearly busted...now we're in twilight zone territory for the bears. A move over 1363 will ruin even the most conservative bearish outlook.
Arguably, even a close over 1340 today would seriously wreck things, and would be a really lousy way to close the month.
Bears desperately need a reversal, preferably to close under 1335. That looks a disturbingly long way down right now.