sp'daily5
vix'daily3
Summary
The daily charts are still outright bullish - especially for the Dow/Trans, and until we're trading <sp'1570, bears are in serious danger.
After all, its FOMC week, and if Mr Market decides 'QE forever' really does mean 'forever', then sp'1600s will be hit.
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Its all very disappointing, but its a long week.. could turn yet, but hey, that's merely a vain hope this morning.
For the big/serious money, the short-stops will ALL be around sp'1592/97.
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UPDATE 11.15am..well, we're pulling a few pts back from the 1592 Thursday high.
Frankly though, can't be even slightly confident until <1570, and that sure doesn't look viable today. Bears just look embaressingly weak.
11.40am hourly charts suggesting bulls have had their fun for the day, perhaps the week.
Remains borderline situation, and the problem I have, is that even sp' doesn't break 1592, the dow...and transports did.
No bearish clarity, unless <1570.