2pm update - I have waited.

Market is comfortably continuing its rally. As expected, yesterdays little closing hour weakness was just Mr Market resetting the smaller 15/60min cycles again. With everything reset, we will probably trundle higher into Wednesday.

The VIX is especially due to fall a fair bit further, as clearly seen on the MACD via the hourly cycle. The bears should look for a higher VIX low, whilst the indexes putting in one final higher high.


VIX'60min

sp'60min

sp'daily5

Summary

The gains are holding pretty well it has to be said.

The primary target of sp'1445 looks viable..not today, but much more likely tomorrow.

There is no hurry, and lets be clear, anyone shorting now is probably too early anyway, and there is significant risk with another Fed decision just 2 days away.



...I have waited so long...for you...Mr Bernanke..to do your QEeeeeeeeeeee.