Whilst the bulls battle to hold the mid sp'1630s, the daily charts are looking lousy from the bullish perspective. Market remains in a broad down trend from the 1709 high, and today's candle so far looks like a complete fail. VIX is trying to build gains..of almost 2% in the mid 17s.
Still plenty of time for the bulls to battle back into the 1640s..but things sure are unstable.
As earlier showed, market can drop 1% on a mere comment.
How will it react if actual missiles start flying (and Israeli 'test' flights don't count!) ?
I remain on the sidelines, and would much prefer to launch a re-short in the sp'1665/70 area..but that hope gets thrown out on ANY break <1627.
2.14pm.. ohoh, market trying to do one its usual stupid afternoon ramps. Bulls should be content with daily close in the 1640s..considering how twitchy things are today.
2.32pm...battling it out in the mid 1630s.
Considering the 15/60min MACD cycle..I have to guess the bulls manage to hold things together into the close. Yet, even if i wasn't such a permabear..I'd not be inclined to go long now.