sp'60min
vix'60min
Summary
The threshold levels are clear...
Bulls need to break into the 1520s. 1522 would be a clear break above resistance, but then..bulls still need to clear 1525..and then 1530.
Arguably, the only 'safe' long..is taken, when we see 1531
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Contrary, the bears need to break below sp'1515..and preferably 1510.
The VIX..is flat, but its not exactly inspiring me to feel remotely bearish right now.
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*I remain on the sidelines, after a lack of bearish signals at the open, I'm somewhat reluctant to get involved in this nonsense today.
Lets be clear.. the daily index charts - from a pure price perspective, are highly suggestive that a multi-day decline is...complete. The power of yesterdays ramp - especially in the transports..is more likely than not, to suggest we'll be breaking into the sp'1530s within the next day or so.
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VIX update..from the Godfather
Indeed, a few spiky up days..and now normal service seems to be resuming. Urghh
UPDATE 1pm ...sp' is trying to break the declining resistance. I guess you could say its a bullish pennant, or some kinda triangle forming..which will snap to the upside.
I've updated the count..I think its safe to say we can ditch any hope of a fifth wave lower..and instead..we're in wave'1 UP..of what might be a final wave higher.
There just isn't the power on the downside. Monday had some real reason for the decline, today...just doesn't have anything.
As ever.. for those who are hitting buttons today..good stops are vital.
UPDATE 1.25pm..well, there goes the line in the sand..and hence a snap higher.
Game over bears..at least for a week or two.