The morning has so far given everyone the opportunity to switch sides or merely close existing short positions. There can be no excuses for anyone today, yet doubtless those bears who are not using stops will soon be underwater, if not already.
Market has indeed successfully held the line at 1306, and now looks like set for another attempt to hit my target zone of 1350/60 - by this Friday. I am trying to be open to slightly higher levels 1370/80, but with the bigger picture monthly charts flashing collapse warnings, I remain looking for July as the prime collapse wave month.
sp'daily - 4mth
Considering the twitchy bonds out there - especially those Spanish ones, the current gains are a little shaky, but for those with good stops...this should be nothing to be concerned with.
It does look B'wave is complete..and that just leaves C'wave, which should complete by the end of thsi week.
VIX is starting to get the smack down, confirming the current moderate index gains.
Target indeed remains 1350/60 by the end of this week.