With an utter lack of downside power, bears are unable to push this market lower. A latter day recovery melt into the low 1560s looks viable, if not likely. There is a clear baby bull flag on the hourly index charts. Bears are probably going to be suffering until Wednesday.
Its getting back to the usual dull nonsense again.
Algo-bot melt into the afternoon, and why wouldn't it?
The bigger picture IS clear though, we're going lower across the weeks to come, but in the meantime, we have to put up with this.
*maybe just turn your screens off until FOMC minutes issued, Wed, 2pm ?
update 2.25 pm....well, the bull flag confirmed.
No sign of a turn/levelling phase yet.
Bears going to in pain until late Tuesday..or even as far out as Thursday.
What is clear, the next down wave MUST break 1538...which I'm guessing it will.