10am update - apocalypse averted

Despite Japan getting trashed 6%, the US indexes have so far managed to hold above the critical low of sp'1598. Even if the market starts to climb, its going to take at least 4-6 hours before the bulls can stand down from defcon'2.  VIX is a touch lower.


sp'60min

vix'60min

Summary

So...the 1598 low holds..at least for the open. For me, that was always the big concern, a straight forward gap lower of 15/20pts right under 1598.

Hourly index MACD cycles are arguably very low, and we're due some level of up cycle across today..and possibly all of tomorrow.

A replay of last Thursday/Friday?
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*I remain heavy long the indexes, seeking an exit in the sp'1630s, before the weekend arrives.


10am....bulls closing the opening hourly candle..with a great floor-spike. Is that really it for this down cycle?


10.45am...market building a rally, and underlying pressure will be significantly stronger as the day proceeds - much like last Thursday.