1pm update - at top of the bull flag

Market is at the top of the bull flag on the hourly index cycles. We could certainly start breaking higher from here, but...I just think there is still some way lower yet to come in this B' wave.

So, I'm going to sit back..and wait for lower levels. I certainly won't be chasing this higher if we do break above 1322/25


sp'60min

Summary

From a MACD cycle perspective, we are possibly close to seeing a floor put in, but as noted, my target  has not yet been met. Better to do nothing, than make a stupid trade ahead of the weekend.


More later....