Good morning, and welcome to March! The main market is selling off to begin the month, but its nothing significant yet. After the 40pt wave higher, we're still holding onto much of that. USD is again higher...Oil is in imminent danger of losing the $90 threshold - where the monthly 10MA is lurking.
My outlook remains that we have one major wave higher yet to come..into the sp'1550s.
I will be focused on the hourly MACD cycle today, if we can see that level out by 2-3pm, I may even go long today, so long as the price action looks like we've put in a floor. Gods help me.
*VIX is higher, but the 19s look unreachable.
UPDATE 10.03 am econ-data comes in pretty good, and the market jumps back higher.
A bit of a real mess for those bears shorting the open, most getting short-stopped.
I'd still like to see at least another 3-4 hrs before taking a long position.