What I do know is that we do NOT yet have any decisive breaks through any of the key levels, including the VIX which is again red.
There remains a VERY real threat that Mr Market will ramp post-FOMC press release this afternoon. I sure won't be holding short ahead of that.
sp'15min
sp'60min
Summary
The hourly index cycles could just be another baby bear flag..or they could be suggestive of a floor. This is too hard to call, and plenty of others out there are touting 'one final high to come'. I'm inclined to go with that.
If we do get a ramp, bulls should seek a closing VIX -5% or so, and Sp'1349/51, something like that. Maybe we're looking at a peak on Friday, which could be 1380. That seems a fair way up from current levels, but..we've all seen this nonsense ramp up on the lamest of reasons.
Time for lunch.
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