sp'60min
vix'60min
Summary
*I've adjusted the hourly count, maybe we're in a 4 of main'1 down ?
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Its starting to get frustrating again though. Opening declines of 20pts, and yet those have essentially halved, and now the bears face the closing hour, where some will be even be looking for a flat close on a crazy spike.
If bears fail to close at least <1550, then its a major fail. We shall soon see.
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Exiting at current levels..seems pointless, unless you think we're going to soar early next week with new index highs?
updates...into the close...
3.10pm..resistance at the hourly 10MA..as is often the case.
Bears gotta push here..<1544..otherwise, its all minor chop.
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3.22pm...its looking like we WILL close under 1550..so.. bears will at least hold onto some declines, but nothing significant.
After a lot of thought...and considering the breaks of 2 more indexes today, I'm going to hold short across the weekend...and will hope we see a Monday gap lower in the 1530/20 area - at which point I'd be looking for a strong bounce.
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3.37pm... market makers want to pin the SPY @ 155 ..so...sp'1550 for the weekly close..hmm
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*I will hold short across the weekend..I still think there is another 1-1.5% lower in this wave.
Unless you believe we're going to new highs, it makes no sense to be going long here, and existing shorts can have simple stops at 1573..or tighter.
back at the close