11am update - morning chop

The market is somewhat weak, but again the bears don't have any power. A real problem will again be the 'traditional' latter day recovery, on what is a moderate QE-POMO day. sp'1562/64 is a viable bull target. Bears might have to endure that...before a move to break the 1538 low.


sp'60min

Summary

*possible mini H/S setting up...with the LS, from March'15.  (not indicated on chart)
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Considering the big weekly charts..this market is clearly maxed out. Its just a matter of bears building some downside momentum  Its exhausted. We ain't breaking the 1573 high.
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I remain short, and seeking an exit around 1535/30. Right now, that seems not viable until late Tuesday, or even Wednesday.
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11.05am...something to keep in mind...

sp60min'2, those bull maniacs are going to find it real tough to break the upper bands @ 1562.

unless you think we're going to new highs...this is all still looking okay for the bears.