3pm update - Mr Market needs more printing

Any hint of less QE, and the market gets rattled. The latest FOMC minutes have upset a few this afternoon, and its being used as an excuse for what remains largely sideways chop. Dollar has added to earlier gains, and the metals have especially reacted.


sp'60min

sp'daily5

Summary

Updated daily chart. New channel. By end of next week, bears need break <1415..and that looks a long way down from here.
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Many are still focused on the 1474 level, but again it should be noted, that with the trans breaking 5500, and the R2K pushing to yet higher highs.. its less important than it could be.

VIX is a touch higher, but its probably still going to drop into the 13s within 2-4 days.


UPDATE 3.30pm ... looks like market wants to retrace.

best guess...1440/35 tomorrow/early Monday.
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back after the close