3pm update - bears at high risk

Wednesday is not only FOMC day, but also Q2 GDP (with revisions due, all the way back to the dinosaur era), and ADP jobs data. Considering the daily and weekly charts, bears are at very high risk of having to absorb another 2% of equity upside.


sp'15min

sp'60min

Summary

The smaller 5/15min cycles appear to have floored, just a touch above the semi-important 1680 level.

Best guess...market soars tomorrow, whether on the econ-data..or the FOMC press release.

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I am more than content to be on the sidelines ahead of such an imminent threat.