sp'60min
sp'daily5
Summary
So, it looks like we're going to open a little higher. Its certainly not over key resistance in the 1572/74 though.
We do have some econ-data at 10am to be mindful of, and Mr Market could use it as an excuse to move into those 1570s.
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*I will be on standby to launch a major re-short across the day.
I think 10.30/11am would be a very reasonable time to see the market max out.
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UPDATE 8.52am . metals are on the slide. Silver -60 cents @ $22. a mere 5 cents from taking out the recent crash low.
If SLV closes <21.96, it bodes badly for the days ahead. SLV 17 is viable 'at any time' on an overnight snap. I am not meddling in it..yet.
UPDATE 9.19am...sp +7pts..we're now set to open on the 1570 border.
If the 10am econ-data comes in at least 'reasonable', then we'll see just how much power the bulls have. Anything >1575 would be a problem to the bears.
9.35am...well, we're in the low 1570s...the target zone.
Those bears holding to the H/S theory should be seeking a re-short across the next few hours...with very obvious stops @ 1575 tight..or 1597 loose.
Its actually a rather straight forward trading situation.
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9.41am sp'1573s...we're NOW on the threshold. I suppose we could spike over, and its not an issue. VIX is -5%...as expected.
9.50am sp'1574s...still no levelling on the 5/15min charts...VIX still falling.