Mr Market continues to show increasing instability. We're seeing micro-snap drops, the VIX looks strong, whilst Oil and metals remain weak. However, there remains imminent threat of afternoon ramp to sp'1564/68 zone. Bears...beware.
I'll focus on the micro-charts this afternoon..even the 60min is probably too broad.
15min cycle does threaten of afternoon ramp.
I might be wrong....and I sure won't be taking any longs of course.
For the cautious...lets see where we are around 2-2.30pm.
Right now...I will go heavy short on any afternoon ramp into the mid 1560s.
*High confidence of downside to sp'1540..by the Friday close.
UPDATE 1.12pm..well, there go the morning lows..
Regardless, I ain't chasing this nonsense lower...too much threat of late day ramp.
UPDATE 1.20pm...bulls need to break just 1557..to open up those mid 1560s.
We've seen that kind of latter day recovery dozens of times already this year. Why would today be any different?
1.30pm..market breaking back upward...anything >1557..and this nonsense will keep going.