11am update - transports maxed out?

The transports on the hourly cycle continues to display much more cleaner waves. It would be suggestive of weakness into early Tuesday for the broader market - sp1385/83 would be the natural target for a B' wave, or however you might like to count it.


Trans'60min

sp'15min

Summary

You can see the more consistent tranny, which is now putting in some divergence on the MACD with the secondary lower tower.

Sp'15min cycle is pretty low, we could easily claw higher into lunchtime from here, and that's the risk with any re-shorts this morning.

For the moment, I'm just watching. Lets see where we are by early afternoon.

* we have Durable goods orders in Tuesday pre-market. Although the Bernanke speaks tomorrow breakfast. Would be a tricky time for anyone holding overnight Monday.