What a lousy day this is turning out to be. The mid morning declines, entirely flipped, on gods know what excuse. Indexes are breaking out of their down channels, and if the current gains hold into the close, it would seriously threaten even the chance of re-testing the sp'1385 low.
A rough day in the bear bunker, and once again, we're reminded that the fast declines can be wiped out even faster by insane stupid market ramps.
Clearly, a HUGE number of bears got stopped out in the last 90 minutes, with some 'chasers' helping push prices up even faster.
With three hours to go, even a flat close of sp'1407 looks somewhat 'wishful'.
RE: transports. Its a borderline situation. Arguably, its semi-busted already. We need an afternoon snap lower, just to get things back inline.
I suppose this could have been a sub-wave'2 higher, but if it is, it will need to stop going up..soon.
Trans' 4900 looks a long way down from here. Last line in the sand for the bears is trans @ 5160. Any close today/tomorrow over that, and I will be frankly..dismayed.
Despite the index ramp..AAPL remains weak, and 540/530 would be logical next level.
UPDATE 1.23pm No need for bears to be on suicide watch..quite yet.
We may have a top on the 15min cycle...
We really need to break <1410 though, and close <1407.
If..that is the case, then we just saw a pretty fierce wave'2..but won't know until the close, or into Thursday.