2pm update - first target sp'1705

The hourly index/VIX charts appear to have secured a floor at sp'1697. First upside target for the bulls is the hourly 10MA, which at the close will be around 1705. Any daily close over that, and the bears should be very concerned about 1730s later this week.


sp'60min

Summary

There simply still seems to be no real power on the downside. Sure, we have fallen almost 2% since FOMC spike high, but with ongoing QE...it remains an extremely difficult market to attempt to play on the short side.

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With two hours to go...a green close? Its not like we've not seen it happen a few hundred times in the past few years.

Lets see what those bull maniacs can manage into the close.