3pm update - a typical bounce off the hourly 10MA

Once again the bears will be annoyed with the little tease this afternoon. For a brief moment it almost looked like the indexes might go red, but no, the hourly 10MA held as soft support, and the algo-bots continue to melt this market upward.

This rally continues despite IBM -5%, and INTC -2%, after all, who needs a strong tech sector, when we have the Bernanke?


sp'60min

sp'daily5

Summary

We could easily close flat across the broader market, but a few doji-candle days sure won't mean the bears can have any confidence about the weeks ahead.

Only if the recent 1427 low can be taken out, can the bears have any hope that the critical secondary rising support - in the 1350s will be broken this Autumn. Right now..that is just such a long way down.

back after the close.