12pm update - exhausted bears

The market did break a little lower at the open, but it sure feels like bears are tired in this down cycle. Its day'11, and the market is due some level of bounce. With the big monthly jobs data tomorrow, Mr Market appears to be 'ready and waiting'.


sp'60min

sp'daily5

Summary

So far we've not seen any real kick to the upside, but its surely coming. It won't take much, just a break above the hourly 10MA, currently 1614..and declining.

Best case for the bulls by the close..sp'1625. Right now, few are expecting it, but with four hours to go..that's plenty of time.

*transports still holding reasonable gains of 0.65%. 
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12.18pm.. sp'1604..another new low. Transports/R2K holding minor gains though.

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VIX update



stay tuned


12.32pm..well, there go the sp'1600 stops. We've now arguably closed a key gap, and hit the primary target.

I await with interest, where we are by the Friday close.