10am update - tired of Q3 already

The market begins Q3 much as it began the last 16 or so quarters. .bullish. Despite the economic reality, the 'everything is okay' mainstream delusion continues.  Bears should be frankly..terrified of today's QE..and even more so..the Wednesday one.


sp'60min

sp'daily

Summary

A dismally disappointing start to the week...and indeed, the second half of the year.

Any break >1620, and the door is open to a close in the 1625/35 area. That in itself would offer the bulls their second opportunity to take out the 1687 high.
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Any daily close in the 1630s, and it is surely a case of 'sell/cover' shorts at any price.

I can only hope there is a 'holiday reversal'..as is often the case. Weekly charts remain on 'neutral'..baring a close >1630.


10.13am..well, there is the gap-fill on the sp'500.

Only now is whether we see a reversal..or if the bulls can manage a daily close >1630.

If the latter, then its game over for the bears...and that would include me.