Market is holding slight declines, which is impressive considering the many negative issues out there. The snap/break levels are clear. Bulls need >sp'1628/30, bears need <1600/1598. Which ever of those is hit..by this Friday, will be the clear signal.
*VIX is weak, showing no underlying market concern, which is pretty incredible really.
So, two hours left of the trading day, and market is in a twilight zone between key support and resistance.
For the big money, the 'chase it lower/higher' levels are very straight forward. The big weekly charts are still broadly bearish...so long as we don't go >1628
11.09am... sp'1609.. it remains kinda scary how we are just 1% from breaking the weekly down trend.
Even if we close around current levels, if Mr Market likes the jobs data on Friday (regardless of the number), it really won't take much to break the upside resistance, and then off we go.
11.30am.. well, 90mins to go, and so far, no hyper-ramp on QE. Seems not many want to buy ahead of the holiday and jobs report.
As a bear, I'd settle for any close <1610.