2pm update - need to take out 1450

With volatility so low, the moves are still very minor, its very hard to guess general direction, other than the usual 'primary trend is UP' mantra I regularly tout.

What is clear, a close under 1450 would open up a test of 1440, and offers the small hope that 1420 will be hit within 3-5 trading days - before yet another up move begins.


sp'60min

sp'daily5

Summary

So, we're declining, but its slow, and there remains a near total lack of downside momentum.

The daily cycle -see MACD (blue bar histogram) is now at least half way reset, and the market is just 20pts off the high.

A logical projection is this cycle will level out in the 1440/20 zone.

With things as they are, I can't see the more important recent low of 1397 being taken out for some weeks yet.

back at 3'