11am update - latter day recovery?

The bears have achieved a very significant victory. With the break of sp'1675, the 1709 mid-term top looks to be confirmed. Regardless of the usual 'latter day' recovery that seems likely today -and with QE to help, the bears should be increasingly confident into September.


sp'60min

vix'60min

Summary

The hourly index/VIX charts appear as though a floor is in.

With QE of 3-4bn today..and also tomorrow, lets see how high the maniacs will be able to bounce it into the late Friday.

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On any basis, with the break of 1675, taking new index shorts in the coming days..a far safer trade.
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Anyone still think 1740/60s viable this Sept?
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CSCO, 5min

CSCO is failing to get a bounce, but neither are the bears able to hold it under the 10MA on the 5min
Its an interesting one to watch, and I won't be meddling in it.


sp'weekly7

A clear test of the 10MA. Bigger mid-term picture looks pretty clear now. Across the next few weeks..a return into the 1500s.