What is important is how we close today. Bears should seek at least 0.5% index declines, with much greater follow through in the tail end of the week.
*housing data released early, slightly better than expected.
sp'60min, rainbow
sp'daily5
Summary
Daily MACD cycle due to go negative cycle late today or early tomorrow. I think we have a very good chance at hitting 1390 within the next 5-9 trading hours.
VIX is showing no fear, and is now actually -2%
Sp'1354 remains the absolute important low to take out in the weeks ahead. If we can break under that, then September could be good for the doomer bears.
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Next update, 12pm.