12pm update - falling into the early afternoon

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.


sp'15min

sp'daily5

Summary

15/60min cycles still look overly high, there is no reason why we can't slip for another two hours.
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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.
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*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.

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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 ?)



stay tuned
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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.
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