10am update - morning weakness

Well, we're off and running for the last day of the month. Minor opening chop, and there is the smell of weakness in the air. A move <1409 would be quite interesting, and open the door to sub 1400s.

*Chicago PMI: 50.4, not in recessionary territory, but its still 'weak'.


sp'60min

sp'daily5

Summary

I still argue the bears merely need today to close flat. That would be an acceptable set up for early December.

A close <1405 would be a real bonus though.

*Look at the daily MACD (blue bar histogram) cycle, we're VERY close to rolling over, and after 9 days UP - since the 1343 low, we're due down cycle - one that will exceed the recent spike-low of 1385.
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A long day ahead, lets see how many of the bull maniacs decide to jump ship ahead of the weekend.

UPDATE... take a look at the hourly VIX. Thats pretty bearish for the indexes as the day proceeds

UPDATE 10.30 Look to the tranny, a break <5080 would be the FIRST warning that my general outlook is correct. If that occurs, should see the sp<1400 late today or Monday.