The main indexes are all lower, but the bears are not seeing enough clear breaks yet. The sp'1639 low has held, and the VIX is offering a black-fail candle to start the day. Gold and Oil remain sharply higher on understandable war fears.
*there is a LOT to deal with today, so..bear with me!
First, the ONLY index so far taking out the recent low is the Dow, but that is already seeing a sig' bounce already.
Update on the bigger picture...
Blue candle'4...has turned red..and a hit of the lower weekly bol'...now looks likely within a week..if not days.
As ever..price action today will be critical. Bears need to see 1639 taken out, and that will open up a further 75pts to the downside.
10.02am..econ-data comes in 'reasonable'.
This is shaping up to be one hell of a interesting day.
For the moment, I'm content to see what kind of bounce we get into early afternoon.
BIG QE this morning of $5bn...can the market indexes turn green? If yes..then I sure won't be short.
10.12am.. bears looking tired...either they break 1639 real soon, or sig' bounce into afternoon...and with QE..there is real threat of indexes turning positive.
Tricky market..as ever.
10.30am..well, there goes the recent low of 1639. Bears making a secondary push lower, and VIX is trying to take out the opening high.
For the bears..this is finally starting to look good. Primary target remains the lower weekly bol...1564.
10.37am.. price action in the tran/r2k...very weak..a hit of the 200 day...looks a given..
That equates to sp'1570/60s..within the near term.