The micro 5min cycle chart is offering an interesting 5 wave cycle..with the fifth wave to complete imminently. VIX is struggling with gains of just 3-4%. A close <1670 looks very unlikely, will the Bernanke inspire the market to 1700s across Wed/Thursday
Kinda bizarre to keep in mind how a 7/8pt decline on the SP' looks like a mini-crash.
It really has come to the point where declines of 0.5% look dramatic.
*did you notice the new bloomberg lunch time show? I sure miss Tom Keane....pure econ/market-chat.. now that was a lunch time show worth watching.
..maybe I'm just the last one watching the clown finance TV anyway....the irony.
1.14pm...5 waves about complete...no turn..yet...but its a pretty clear 5 waves
Market should comfortably hold the 1670 level, which is what the hourly index charts are saying is a floor anyway.
1.21pm...a classic spike-floor..just put in.