As expected, the bulls are being given Monday as a freebie. Bears are powerless, and we're seeing a natural bounce back to the key resistance zone of sp'1558/62. Whether we see a little further melt higher into the close seems irrelevant. What is paramount, bears must smash this market lower <1538 in the next wave.
VIX is especially showing the weakness today..in what remains a fearless market.
After all, there is nothing to be concerned about, right?
Especially not the April'10th deadline for 'diplomats to get outta there'..from North Korea.
All is well.
updates into the close.
The bears should aim for another close under the 10MA of 1560. Thats viable, not that it matters 'that much'.
SP' remains the second strongest index (Dow is still first), and is clearly still holding within the November up channel.
Bears need some good closes in those 1530s, preferably 1520s to make it conclusive, although I already think it is.
3.15pm...I don't know how you people wanna count this nonsense, but whatever it is, we shouldn't be breaking anywhere above 1563/64.
Wave'1 down was Friday..and this was a 2 bounce wave?
Bulls should be praying for some kind of miracle gap over 1573 at the Tuesday open. Even then, the weekly cycles are still rolling over.
3.23..starting to look like we're getting real stuck in the 1556/58 area.
Anyone going short here, moderate risk of Tuesday gap up to 1562/64, before reversal. For those playing big money on the indexes, we're only talking a short-stop of 1% @ 1573 though.
3.40pm...well, the 1560s have been hit..this is about as far as I want to see. Any close >1562 will be a real threat to bears.
Just think, we're only 13pts from the cycle high, but then..thats the QE-POMO kicking in..aided by the algo-bots.