sp'60min4 - H/S formation..with a bounce
sp'weekly7
Summary
With a lot of choppy price action in recent days, time is running out for the bears.
It has always been the case that the 'faster we fall..the lower we can go'. That is based on my general target of the lower weekly bollinger, which is rising around 13pts each week.
As things currently are, the lower bol' will be around sp'1600 by mid-September, and I sure don't think the bears can manage to be trading under the lower bol' in the current multi-week down cycle.
Its going to be next to impossible for the market to be trading <1600 at the time of the next FOMC of Sept'18. If that is the case, then VIX 20s don't look viable..not even 'briefly'. It is not the best of thoughts, wondering if the market will soon be starting another massive ramp...across Christmas..and into spring 2014.
Looking ahead
There is new Home Sales data at 10am, but far more important..Yellen is speaking at Jackson Hole in the morning.
*there is significant QE-pomo of around $3bn...bears..beware!
--
I remain on the sidelines, and continue to wait for a bounce into the sp'1680s, which seem very viable early next week.
Goodnight from London
--
Video from Mr Permabull, for Friday trading.
I can agree that its a bit of a messy time.
Update from Mr Biderman...
...and that really is goodnight