3pm update - closing hour gains?

The market has appeared to put in a floor at sp'1598, and we're already almost 1% higher. Bulls should be content with any close >1610, but if there is even a small short-stop cascade, 1620s are viable. VIX is continuing to cool down.


sp'60min

sp'daily5

Summary

So..we're starting to see some initial sign of a rally, but clearly, its only two hours old....and daily charts will take 2-3 days to confirm a turn..never mind an actual rally itself.
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A close in the sp'1620s would be a real bonus for those on the long side, not least those who have been boldly building new long positions since yesterday.


UPDATE 3.27pm..well, still 30mins to go, and we're just 4pts shy of the 1620s.

I have to think, the 1630/40s are viable early tomorrow. The bears who been shorting this since the 1680s have had almost TWO full days to exit.

There can be NO excuses tomorrow of 'oh noes, my winning position went against me'.


3.33pm.VIX daily chart now offering the most bullish equity sign....

We have the MACD cycle starting to tick lower....we have a rollover.