sp'15min
sp'daily5
Summary
*another sign of a turn on the smaller 5/15 min charts.
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We're at the typical turning point of the trading day..11am is often where a ceiling..or floor is put in.
Bears have certainly caused some damage this morning..but its nothing critical yet.
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With the market as shaky as it is, it won't take much of a news headline to break the 1675 floor, with a daily close in the 1660s.
..and that is when things start to get interesting.
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We're turning...at what I sometimes call 'that magical time of day' (actually, there are arguably two..the second being 2.30pm)
11.07am.. we have a confirmed floor.
Now..lets see what the bull maniacs can manage into the afternoon!
11.40am..urghh..floor fails to hold..and 1675s, with VIX trying to break the 18s.
....FAIL. 1674s....with VIX 18s.