Closing Brief

Despite retreating back from the edge of a bullish breakout, today has to be seen as another disappointment for the bears. Whilst Oil slumps, and a major Dow constituent (HPQ) crashes, the broader market held together, and the VIX closed lower.


IWM'60min

SP'60min - H/S

Trans

Summary

The hourly MACD cycle certainly offers downside for tomorrow, but considering the price action today, I just don't feel at all confident of even hitting 1420.

The daily bear flag is now 5 days old, I suppose its still possible we'll get a good move lower tomorrow or Friday, but..it really just doesn't look that promising.

If I sound somewhat tired..its because I am. Bears sorely need a decent down day. Not a mere dow -75/100pts, but a proper -175/225. That seems a faint hope right now.

More later