10am update - upward pressure

Despite a slightly weak open, the underlying pressure remains to the upside, with the main indexes already close to turning green. Bulls still look set for the sp'1710/20s this week. VIX hourly chart is offering a classic black-fail candle to start the week.


sp'60min

vix'60min

Summary

It really doesn't look good for equity bears, not least with a $3bn QE-pomo due to kick in this hour.

A close in the low sp'1700s looks very viable by the close of today, and that should open up another 10-20pts across Tue/Wednesday.
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Precious metals look choppy..

SLV needs to hold the 19.00s at the close of today. Hourly pressure is currently in favour of upside.