10am update - exhausted market

Good morning. A somewhat muted open, and the hourly cycle would offer minor potential downside later in the day and early Thursday.  Meanwhile, the Transports puts in yet another new high. Metals are a touch higher.


sp'60min

sp'daily5

Summary

Again, I'm not expecting much of anything today. There is still a complete lack of power on the bearish side, and the algo-bots could easily take control in the afternoon.

Yet the hourly MACD cycle is potentially maxed out, and its possible we might even close a touch lower today.

The sp'1460s look a long way down though, and considering the upward trend - especially seen in the Trans/R2K, its going to be very difficult to break <1470 any time soon.
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*I remain long VIX from last Friday..seeking a spike to the 16/18 gap zone. I don't expect 20s before April/May though.