sp'daily5
vix'daily3
Summary
Without getting too focused on the smaller cycles, I think an update on the daily charts is useful to start the day.
First..the VIX black candle of yesterday is being confirmed..and VIX has already broken into the 15s.
Second, the sp' is starting to break the down trend/channel.
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The big question I am wondering is whether the next wave higher can take out 1729..or put in a key 'marginally lower high'..before 'debt ceiling trouble'.
Despite what a few of you may think, I am keep all scenarios in mind, not least the importance of the debt ceiling. I just happen to think things will play out as they have for the past few years.
10.24am...it'd be ironic if the market soars into the 1700s on a day when Govt' partly shut.
10.27am...and there is the BREAK higher.
Oh well, as ever...it remains a nasty market.
Bears on the run now!
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10.36am.. BIG event just occurred... weekly charts just flipped to outright bullish on the rainbow charts!
Bulls seizing control.