11am update - bears struggling to build downside momentum

The market is due a minor retracement on any basis, yet with underlying upside pressure so strong, equity bears are struggling just to muster a minor fall to soft support at the sp'1745 level. VIX is creeping slowly higher, +1.3%.


sp'60min

Summary

It seems utterly pointless to consider an index short position, even with 'moderate' risk of 10/20pts of downside into Monday. All main cycles are bullish, and as ever...QE continues. Monday in fact will see a very large QE of $5bn.

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*regardless of the main market, AMZN is holding its opening gains, and even building upon them.

A few were looking for AMZN to 'do a NFLX', and see a reversal, but it just doesn't look likely, for what is the most hysteria-surrounded stock in the US market.