sp'15min
Summary
Well, Mr Market is looking real weak.
The recent high of 1648 now looks a considerable way up.
The last warning the bulls will get would be a VIX breaking into the 20s.
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time for lunch
Hourly charts... we've hit the key 61% fib level.
Frankly, bulls should be desperate to get a daily close >1630, otherwise, tomorrow is not looking so good!
12.10pm So, we've hit 1617...a full 20pts below the opening high.
Despite the current down cycle, I still don't really see any major concern out there.
Right now..only two things would rattle me out of my long position.
1. VIX 20s
2. SP <1598.
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Arguably, if we see either of those two things, bulls need to make a run for it...regardless of price.
12.25pm.. market trying to floor around 1617/16. 15min cycle looks close to turning, but then it looked like that an hour ago.
Long afternoon ahead for the bulls, a daily close >1630 will be pretty important.
12.35pm Bulls need this hour to close >1620, that should allow 1630s within 2hrs.