1pm update - a bit of chop

The market is seeing a very small down cycle, but a rally into the close still seems likely..with moderately higher indexes. There is a tiny chance of a close in the 1650s, although that seems far more likely late Wed/early Thursday. VIX is +5%, but that's really not much.


sp'60min

sp'daily5

Summary

You can see on the daily charts, that makes for a rather clear wave'2 floor-spike.

Underlying MACD cycle is STILL ticking higher, despite the last two days of weakness.

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Bears have even bigger problem, this Thursday. There is 3bn of QE-pomo, and I'm guessing other markets will similarly be clawing higher. Ohh.and its opex next week, that is generally not bearish.
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VIX update from Mr T.



stay tuned


UPDATE 1.32pm...sp'1631..hmm.  Bulls really need to hold 1630s at the close.

Considering the morning action, this is almost certainly just a minor down cycle.
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1.40pm.. looks like the 1629/30 area is support. That could be it.

Easy long trade here, with a loose stop @ 1620....not that I'm taking it!