10am update - is that it ?

The indexes are down just a little, but the declines are arguably important. We have a rather clear break of rising support (which held yesterday), and the mood out there is increasingly weak. If the bulls can't claw back into the low 1700s later today, its very likely over for them.


sp'60min

Summary

Well, its now increasingly likely 1709 was the cycle peak from the 1560 June low.

Bulls should be desperate for a Wed' close >1700.

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I'm now waiting for a short entry, but considering the hourly MACD cycle, I'm in no hurry today.

Besides, we've still to see any real power on the downside yet.


*notable movers: MRO, -4% (was -8%) bad earnings?


10.01am... sp'1687...well, that looks pretty decisive now.

So..it looks like we have clarity, and now its just a case of finding a 'reasonable' entry.