sp'15min
Summary
So...will it break >1654 ?
If if does, a brief jump into the 1660s looks viable, and that might make for a fast spike top...if we then see some selling into strength.
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*I remain on the sidelines, but am seriously considering a short, the target would indeed be sp'1630, with a day or two.
**on the bears side...no significant QE until next Friday (opex)...a full SIX trading days away.
2.05pm....sp'1657...equity shorts getting short-stopped....bears on the run.
*I remain watching...
2.21pm... Market still battling higher...but its looking pretty toppy right now.
Am watching the MACD cycle...that will probably be maxed out within 30mins or so.
UPDATE 2.35pm... I'm short the main indexes from sp'1654.
Smaller 5/15min cycles look pretty maxed out, and the 60min/daily are similarly due 'some level' of retracement.
The one think I am keeping in mind...no sig' QE for the next six days. Bears have a window..its time for them to appear.
15min cycle, offering two nice spikes..suggestive of a top...
Naturally, those bears who got short-stopped with the earlier move >1654 will be mad as hell, if we close somewhat lower.