1pm update - there go the sp'1600 stops

Well, another minor wave of weakness has been enough to hit all those bulls with long-stops at the big 1600 level. It is now arguable that the key gap from May'3 has been filled, and we're sitting in the primary target zone. Best guess remains...we are in a flooring stage.


sp'15min

sp'60min

Summary

Certainly, the loss of sp'1600 has rattled a few out there, and now some will even be looking for a further move down to sp'1550/30. I just can't see that happening.

Bears have yet to put in a single lower high on the weekly charts.

Best guess...we rally from this area...for a week or two..and then down - after that lower high.
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RE: 15min channel. Bulls clearly need a close outside of the channel, which by the close is a mere sp'1610.

Transports now declining 0.3%, after earlier gains of 0.6%.