IWM,daily
Sp'daily5
Trans
Summary
Frankly, its not looking so great for the bears. Both the Rus'2000 and the SP' look as though they are just creating yet another bull flag. We could easily trundle slowly downward for the rest of this week, - with the daily cycle fully reset, and then another ramp higher into mid October (SP'1500?).
As was again seen today, any down moves in the morning are very minor, never hold for more than an hour or two, and then up we go again.
What remains clear, until the VIX is back over 20, and until the SP' takes out the recent important low of 1397, the bears are fighting against a freight train driven by the Bernanke.
A little more later.