3pm update - hourly cycle complete

The main indexes are holding moderate declines, with the sp -0.4% @ 1685. Hourly index charts offering a possible turn/floor phase, with a new up cycle across Thur/Friday, the fact there is a $4bn QE-pomo will no doubt greatly help. Bears should not get lost in the mild hysteria.


sp'60min

Summary

It remains a pretty quiet market. Sure, we've seen a little wave lower, but...we're not even talking 1%...well, except for the Trans and R2K.
-

Nothing has changed, and I'd still have to expect higher levels in the days ahead.
-

Metals look to have floored at the lower bol' on the hourly charts...

SLV'60min

*I'll hold long SLV overnight..seeking a move into the 20s