Thursday 31 January 2013

2pm update - tough to build downside momentum

Once again we're reminded just how hard it is it for the bears to get any downside momentum. A mere 4-5pts lower on the sp', and now we're back to evens, with the Trans/Rus'2000 showing upside of 0.3 and 0.7% respectively.


sp'daily5



vix'daily3



Trans'daily


Summary

Two hours to go, which is plenty of time to still swing lower, and close at the lows of the day, but...it ain't looking so great is it?

Bears need to a clean break below what is an accelerated channel on ALL indexes, not least the transports. On the sp', that would be <1490

VIX is still holding together..and rising in a slow stair step higher, but is VIX 15/16 going to be all the bears get before another few weeks of dismal slow motion algo-bot ramp?

Stay tuned.