10am update - mixed open

A quiet open to what could become an important day. VIX is mostly flat, with the hourly cycle still very prone to a major fall later today.


sp'60min

sp'daily5

Summary

The daily chart is suggestive we're either putting in a flat top, or its a bull flag, and we're going to break higher to 1445/50 late today or tomorrow.

The hourly cycles are still negative, and this is not a good place to be shorting, not least with the Fed' still due in a few hours.
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So...I'm still waiting. Target remains 1445. There is no rush.

Back at 12pm.