3pm update - weakness into the close

The market is holding moderate gains, with the sp +8pts @ 1640. The smaller cycle 15/60min charts are very much still offering some downside viability into Tuesday. Best bear case is the 1630/25 zone, but much higher levels still seem likely later in the week.


sp'15min

sp'60min

Summary

Best guess, a bit of a weakness into the close, but still closing somewhat higher.

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*I just don't like going long with the hourly charts as high as they currently are. I will again consider an index long, but will wait and see how we open early tomorrow.

Regardless, daily and weekly charts remain broadly bullish, absolutely no point in shorting the main market.


Alcoa (AA) earnings at the close.

Daily charts are suggestive of general upside. Very straight forward upside of 5% or so, to the 50 day MA in the $8.30s.


3.16pm.. sp'1539,, a close <1635 would open up a 'brief' Tuesday drop to 1625..and that'd be a reasonable level to jump in, at least from a 'permabear going long' perspective ;)