The main indexes have maxed out at sp'1646, and we're seeing an intra-day down cycle, but one that will probably put in the important 'marginally higher low', and thus confirming the turn - to the bulls, as seen on the daily charts. Equity bears have a real problem for a few weeks...it would seem.
15/60min cycles still look overly high, there is no reason why we can't slip for another two hours.
If you look at the daily chart though, you can see the MACD cycle, its VERY low, and is now showing the first hint of a turn. Nothing conclusive yet of course...but the signs are there.
*I am seeking a major re-LONG, later this afternoon, with a trade aim of sp'1635/30..up to around 1655/60 by late Thursday.
I actually look to step aside, and sit on the sidelines for Friday, whilst the market battles it out over the latest disneyland bureau jobs figure.
BEST guess right now...we floor @ 1635/33....by 2pm..and then close flat/touch higher.
12.09pm..looks like we're in the C wave of this minor wave'2 lower. Just 4pts to go.
VIX update - (microphone string/cup ?)
12.23pm... sp'1636....2pts to go.
12.29pm.. TARGET HIT, I am LONG IWM, from sp'1634, seeking an exit 1655/60.
Well, I suppose we could fall a little more, but <1622 seems not viable
12.46pm...long MRO. Its trading lower today, whilst RIG is largely holding up.