12pm update - Mr Market just teased the bears

The main indexes are bouncing back, after a minor snap lower to test the recent 1693/91 floor. So far..the bears still look almost entirely powerless. Underlying pressure on the hourly index charts looks set to be increasingly positive into the afternoon.


sp'60min

spdaily5

Summary

Yes, we could close lower again..certainly, the trend has been lower in the previous 5 days, but really, bears have shown next to ZERO downside power.

It is the lack of downside power that should really concern those who are looking for much lower levels. How we going to take out the important 1627 low, if the best the bears can do is 5-10pts a day?


VIX update from Mr T.



time for..tea.
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12.35pm.. A Fed person was speaking, and Mr Market is making another play for the 1700s again.

Actually, 2 more fed people to speak later today. If they want to kick the market higher..they have the opportunity.