sp'60min
Summary
For the bears..not least yours truly, the week has started off somewhat annoyingly.
The hourly index/VIX charts were all primed for today, and despite a marginally shaky morning - where the VIX was positive for a while, the market just kept melting higher.
With the break above the 1669 high, it looks pretty straight forward from here..another 0.75/1.0% higher..into the low 1680s.
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The ultimate question is what happens when we're in the 1680s?
A major reversal?
Or, continued melt into the 1690s....with new index highs on the subsequent FOMC announcement of 'taper only 10/15bn'.
As things are, I'm still short, but more than anything, the bigger weekly charts are starting to look bullish. More on that later.
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The usual bits and pieces across the evening...