10am update - Monday morning chop

Good morning. Mr Market still seems largely asleep after a quiet weekend. We're trading a touch lower across most indexes, but really..its all noise. Bears can't take any decline seriously until we are below last weeks low of sp'1451. and even then, we might easily only retrace lower to 1445/40.


sp'60min

sp'daily5

Summary

There is not much to say really, its relatively quiet. Considering the smaller 15/60min cycles, I'm really not expecting anything of today.

We'll probably close..flat.

Those who are looking for a retracement should look for at least a little strength in the VIX, which is +3%, but still in the 13s. Its a long way up..just to get to the 16 gap level.

UPDATE 10.20am... VIX is trying to break into the 14s.

A close over the daily 10MA @ 14.30 would be important