1pm update - afternoon mini ramp?

The smaller 5/15min index cycles look floored around sp'1688. A Tuesday close in the mid 1690s will easily open up the 1710/20s for Wednesday. Market looks set to smack the bears..before the next multi-week down cycle.


sp'60min

Summary

Again, its a relatively quiet day..Mr Market is merely waiting for the econ-data and FOMC tomorrow.

I'm holding to the original outlook, the micro-wave count is suggestive of a peak late tomorrow, although it has to be said, if we're 'only' in the 1705/10 zone tomorrow afternoon, I'll be somewhat hesitant about shorting this nonsense.

Daily/weekly charts are very much offering the 1715/25 area, and that would be a far better short entry.
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*I am entirely on the sidelines, and seeing a major re-short in the indexes, preferably in the 1715/25 area..possibly tomorrow.
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1.36pm..hmm, a little wave lower, but still, the 1680 level is holding, and even if that goes, the bears really need <1676.