sp'60min
Summary
Interesting day, Mr Market is somewhat 'behaving' very well lately. The up and down cycles seem natural, which sure makes things a lot easier to trade.
Hourly index charts will likely show a confirmed new up cycle early Wednesday - even if we open marginally lower.
*note that there is no significant QE-pomo until this Thursday.
-
*I remain largely on the sidelines. Will consider an Oil (USO), and possibly index long tomorrow morning.
--
3.17pm... price formation getting squeezed. I'm guessing we break UP imminently. A close in the 1640s still on the table.
stay tuned
3.25pm... ANY break >1635..and this market will close in the 1640s.
As Maria might say ..'we're off the lows of the day'. urghh.#
3.33pm.. price formation remains a VERY tight triangle.
Its gonna break one way or ...other. Not necessarily today though. It could flatline into the close.
*I'm actually hoping it trades sideways, and will re-long at the Wednesday open.
3.45pm.. prices BREAK under the triangle. It sure looks weak now.
Market had better rally upward tomorrow..or the HIGH is in @ 1687..in which case the target is...1480.
3.48pm...Its getting ugly out there ! sp'1625..and this is looking like the Wednesday open will be way more critical than today was.
Market in serious trouble now.