The bears need to see the weekly rainbow chart candle turn back from green..to blue. Its a purely technical issue..and some might argue again it..but that's how I see it. A close in the 1570s is the target. VIX looks like it has upside into the close.
Here is the all important weekly chart...
One hour to go..lets see if the market sells into the close.
I have to think so, with the 15min index and VIX cycles as they are.
*I am re-short Oil (via USO)..and will into Monday.
3.06pm...as things are..Daily MACD cycle still ticking higher on indexes..but is now also ticking higher on the VIX.
So, bears have the VIX on their side now....just need that close <1580.
3.19pm...sp' challenging the now declining hourly 10MA.
A close in the 1570s...no..thats now out of range.
Oil..and the previous metals look very weak.
3.28pm... Gold snaps lower..again..now down $70/75...Silver following..along with Oil
*hourly index charts still look like a wave'2 up...with a 3 down early Monday.
with the VIX this low, I have to think Monday will open very well for the bears.
3.37pm...behold...the horror of Gold. Closing the week with a horrific snap through support.
Target is 120.....so thats a good $250 down for Gold (spot price)..across the next few months....with SLV 20/19.
Well, we're clearly not going to close in the 1570s..and thus the sp' weekly 'rainbow' chart will close with a bullish turn. R2K, Transports, are blue though..and as old leaders, bears should hold onto that thought for the weekend.
back at the close.