12pm update - latter day recovery

The market has seemingly floored at soft support of sp'1740. With $3bn of QE fuel today, there is the usual high probability of a latter day recovery. As ever, whilst the QE continues, equity bears are almost always outgunned by the Fed. Metals and Oil are both clawing above their earlier lows.


sp'60min

VIX'60min

Summary

From an hourly MACD cycle perspective, we've very likely seen the low of the day.

Everything continues to go against the bears, all three major cycles - daily, weekly, monthly, are bullish, with further upside into November.


VIX update from Mr T.


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Notable mover: TSLA, -4.5%, no doubt Oscar will be riding that train (or car) lower...