sp'60min
Summary
Wow, sp'1632s..and its looking ugly on the hourly chart now.
*I am entirely on the sidelines (dropped SLV-short earlier)..and aim to sit it out until early Tuesday.
On ANY basis, I will again seek to pick up a new index-long early Tuesday..preferably in the 1625/20 area. That would seemingly be a very good level, at least for a day-trade.
The obvious big line in the sand is of course...1608.
Eyes on the VIX...especially early Tuesday.
A new VIX high (>18.60s) would bode VERY badly for the bulls
I don't think it can do it, but hell, I ain't going long, this market is in a bad mood now.
3.07pm...micro-bounce, but this is not looking good for bulls.
Best guess..early Tuesday..1625/20. Enough to spook the weak bulls, draw in the bear-chasers..and then...UP.
Considering the daily charts..I do NOT believe the market will take out 1608 for a few weeks, if not August.
3.28pm..daily charts looking kinda ugly.
*I'm on the sidelines, and will consider an index-long early Tuesday...NOT today. There just looks to be too much risk of gap-down early tomorrow into the low 1620s.
3.38pm.....and that is why its too risky on the short-side. From clown channel, seems the FT writer is now on twitter posting more nonsense.
This market is WEAK, its edgy..and terrified that the QE-pomo stock-ramp juice is going to be cut.
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I still think there is possibility of Tuesday gap-lower, but even sp'1630 now looks a fair way lower.
3.45pm..so...hourly cycles STILL rolling lower...but daily charts...VERY bullish for rest of this week. VIX looks maxed @ 2%...now back to red.
Frankly, I'm just glad to be out of this nonsense.
Lets just see how we open tomorrow morning.
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back at the close.