1pm update - same old nonsense

The market is back in rally mood, partly inspired on comments from one of the Fed people. After all, gods forbid QE being reduced this September, the system might implode! Thus..indexes are making a play for the sp'1698/1700 zone. VIX is -3% in the 12.30s.


sp'60min

Summary

Hourly charts were warning of trouble for the bears all morning, and we're seeing it.

Despite the current gains, I don't think the bulls can break into the 1700s again.

Lets see how many of the bull maniacs sell into this latest little micro-rally.
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UAL having problems

Next support is the obvious $30 level. Even if that fails, there is the rising 200 MA in the mid $28s.