The main indexes continue to hold just above yesterdays lows, and with the VIX looking maxed out, bulls look set for significant latter day ramp. A close in the sp'1670s looks very viable if the algo-bots like the FOMC press release.
*ALL micro-cycles, look floored, and bulls should be able to build gains across the rest of the day.
A move into the sp'1680s still looks very likely. Hell, there are many out there now touting 1720/60s in the VERY near term.
Yours truly..remains paralysed on the sidelines. I would like to go long, but I can't, I am unable hit the 'go long' button. Despondent, doesn't even begin to cover it.
11.26am.. well, indexes remain stuck.
Will be a fair few long-stops around 1645/43...if Mr Market wants to spook the bulls, knock it into the 1630s..before the ramp.
I'm still not long, but neither will I be short...no way.
11.36am..well, the target would be 1635 area...
Lets see if the rats can push it down there before the Fed at 2pm
I will look to go long at 1635..if we get there.