3pm update - closing hour slump?

With the last FOMC out of the way, the market is now faced with the issue - just like mid September 'what now?' Once Bernanke fades into the sunset this afternoon, we could see the first wave of weakness in six trading days. Eyes to the VIX, and the dollar.


sp'60min

vix'60min

Summary

We're off the highs,  but..not by much.

From a MACD (blue bar histogram) on the hourly index charts, we're about 1-2 trading hours from going negative cycle. So...there is a significant chance we'll be trading 1% lower by tomorrow morning.
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Bears really need a close <1430, preferably 1425. Even then, I'd frankly not have any confidence in my bigger picture outlook until we take out the recent 1398 low.

Only when we are back under 1400, can the bears start to get confident that this multi-week bounce..is over.

VIX still red... USD.. 79.80, -0.26.  A close in the 80s looks out of range.
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I remain short..and still holding to my original bearish outlook from early October.
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UPDATE 3.15pm.. indexes on the slide..and starting to break the channels..

Dow

One down...sp' to follow

UPDATE 3.30pm... and there goes another index, just about to break the up channel.

Trans'60min

*USD 79.89..and still recovering, with VIX green


back after the close