Mr Market is still holding comfortably onto the gains. Bears should be desperately seeking a close back under the hourly 10MA @ 1419, that now seems impossible today. It looks like the bulls are back in control...sigh.
The various cycles are all VERY conflicting right now.
The hourly is maxed out, although the smaller 15min is now ready to surge again.
The daily is low, so that allows a major 5-10 days UP.
The weekly confirmed a bearish outlook last week, and currently..is still suggesting weakness
The monthly..as we closed yesterday is now suggestive of initial weakness - the first since May.
So, its a bit of a real confusing mess right now.
Anyone who claims they 'know for sure' which way we're going in the near term is perhaps even more deluded that those who think QE3 will actually help the economy.
back after the close.