11am update - minor down cycle due

The market has seen some good gains to start the week, but we're due a little wave lower again. A possible interesting tell is the VIX, which has only been down 4% at the lows. There is certainly a little edginess out there, ahead of the FOMC.


sp'15min

Summary

Daily and hourly index charts still look pretty strong, but the smaller 5/15min cycles..they are way overbought now.

We have a clear top in the sp'1644/42 area.

Best guess for downside by 2pm... sp'1636/34. At that level, I'd be a buyer again.
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*I also dropped MRO (long) earlier.

SLV'60min

Remaining short SLV, at least into late afternoon.
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*Ohh, and even though I think the indexes will cycle downward in the next few hours, I sure won't be shorting them. Crazy high risk..against the daily trend which is indeed UP !


11.12am..so much for the little down wave... sp'1646..and the 1648 now looks ready to break.

inv. h/s target remains 1670/75. Could be hit tomorrow.

...at least I'm not short, urghh.


11.28am..well, we're seeing a reaction, back lower.

Underlying 5/15min cycles are way high, for the day-traders, this is surely 'get outta there' time.


Mid'1630s will be tempting..if we get there by 2/3pm.