3pm update - closing hour upside

It would seem the market has indeed merely put in a standard 50% retrace of the Thursday up wave. Bulls should seek a close somewhere in the mid 1630s, and that will open up 1645/55 by late Monday. VIX is cooling down again, and could close slightly red.


sp'15min

vix'60min

Summary

Dare I say..broadly as expected.

Its been an okay week, and the weekend is just an hour away !
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3.01pm .. a minor down cycle. Hmm, Well, so long as 1620 not taken out, bulls have little to be concerned about.

3.15pm..choppy..and back to sp'1629.

What is clear, bears are tired. They had a good chance on Wed/Thursday, but they could not do it.

I find it near impossible to believe that Monday will be a major down day for the market. Not least with a huge QE due.

Even though the indexes are still currently negative, the daily MACD cycle is still ticking higher.

Price momentum is STILL swinging back towards the bulls.


3.35pm...market makers want to close the weekly options at SPY 163, is that it?

Generally though, its all turn into a choppy end to the week.