3pm update - battling higher

Mr Market is back to moderate gains on just about all indexes, and further upside seems 'more likely than not' into the close. VIX continues to cool down, and could easily close a touch red. USD remains -1%, whilst the metals and Oil naturally benefit.


sp'60min

Summary

Its increasingly looking good for the bulls.

Yes, there is Japan, which might get whacked again later tonight, but still, if we close around current levels, the daily MACD cycle will be levelling out tomorrow.

Equity bears have had almost the whole day to exit, there can be no excuse for them to be complaining tomorrow if we're challenging 1650s.

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The ultimate question is whether we can break >!687 in the next multi-day up cycle.

If we FAIL to break 1687, then a VERY obvious downside target is the lower weekly bollinger..currently sp'1472.. and that'd make for one hell of a profitable short.


UPDATE 3.16pm...best guess, 15min cycle...

A slightly higher low..early tomorrow,, then a challenge of 1650s