sp'60min
vix'60min
Summary
*rather clear double top on the VIX hourly.
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Whether we close >1630, I don't think is too important for today.
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What matters is that 1598 held, and today's rally has been pretty strong.
Bulls are back..if only for a few more weeks, before the real fun begins in August.
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*I exited HEAVY longs @ sp'1628...will seek a 'light' index long position on the next minor down cycle..tomorrow.
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updates into the close...
3.03pm.. there go the bears' sp'1630 short-stops. A cascade to 1635/37 by the close, very viable.
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3.09pm hourly upper bollinger has stabilised around sp'1640..so that is the next target.
Bears are on the run into the close!
3.19pm.... endless signs confirming the floor is in @ 1608. Some very strong moves out there right now, inc' MRO, +3%.
Will be interesting to see how Friday opens.
3.33pm.. could a good month or two before we're back down at these levels again. The big issue remains...sp'1700s..or lower high <1687 ?
*bears should be beware of a huge QE-pomo next Monday.
We're getting pretty over-stretched on the 15min cycle now...
A 'brief' fall Friday to 1630..even 1625 is possible. I'll be a buyer on ANY such minor drop.
3.43pm.. so much for even a touch of weakness...sp'1636... a truly dreadful end to the day for those on the bearish side.
3.47pm..what a nasty market..sp'1637...thats almost a 30pt swing..as I feared this morning..urghh.
Worse still for the bears, daily charts now look pretty much straight up to 1670..if not >1687 by late June.