11am update - still choppy

The main indexes look floored, and there are very tentative signs of a turn. It will probably take another two days to have a decent confirmation though. After the last 11 days there are probably a fair few shorts to cover, so when the covering starts, it could be pretty wild on the upside.


sp'60min

Trans,daily

Summary

I think the downside is done, and now my eyes are on the daily MACD (blue bar histogram) index cycles.

We do NOT have a turn/levelling phase yet, but I'm guessing there will be one within the next 2-3 days..and once it starts battling higher, bears have to stay well clear of this market, probably for a few weeks.
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First upside target for the bulls should be sp'1635 by the Friday close. That is viable, if the market decides the jobs data are signs of 'summer of recovery'..version 5.0

Oil snaps to the upside...

USO, 60min

It looks like Oil is perhaps a provisional sign of the equity rally to come. Its broken out of a very clear wedge...as expected. Upside to the 35s within a week or two.
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UPDATE 11.21am.. any break >sp'1614, and we have immediate snap possibility to 1625.

11.43am...right on the edge of a snap...to the upside.