10am update - quiet start to the week

The main indexes open a touch weak, and the bears look tired. Hourly index charts offer upside for a few days, back into the rather obvious gap zone of sp'1680/85. Metals and Oil are moderately weak, whilst the former is likely to bounce back later today.


sp'15min

Summary

I'm not expecting much from today.

Best guess, bulls manage to at least hold things flat by the close, and that sets up Tue/Wed for an attempt to get back into the 1680s.
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*for the moment, I am just sitting back. It sure is increasingly tempting to go long though.
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Special note..

sp'weekly7

For those watching...the weekly charts were just earlier showing a red candle on the rainbow chart....and that most certainly hints at much lower levels in the weeks ahead.

*looks like the threshold for 'red' is about sp'1652 this week.
Also, note the lower weekly bol' target is now up to 1558 - its climbing at around 13pts a week.