12pm update - marginally higher low

It would appear the bulls have managed to avert something of a crisis, and put in a marginally higher low of sp'1608. Perhaps more importantly, the daily index charts are now starting to look rather favourable for the bulls into the Friday close. VIX continues to cool down.


sp'60min

sp'daily5

Summary

Daily MACD (blue bar histogram) cycle is indeed now starting to tick higher, although price momentum continues to be deep in negative territory.

The big question stands...is 1687 the key cycle high, or another 2-4 weeks of nonsense, into the 1700/50 area?

Best guess right now is...yes.


*as noted earlier, I'm tired. Is it the weekend yet?
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time for lunch


12.36pm...sp'1621...still battling higher..bulls are a good 14pts (0.9%) from the morning low.

Best case for the close ..1635, a 2% reversal day...and that would setup Friday for the 1645/50 area.
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