10am update - awaiting the Yellen monster

The main indexes open with some moderate chop..but as ever, there remains underlying upside pressure. A break into the 1790s is viable today. Metals open higher, but look very vulnerable to renewed downside. Oil is weak, -0.7%


sp'60min

Summary

Choppy open, but with QE today, bears face the usual problem.
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As for the count on my hourly chart..well, its just a vague guess. If its right, then..we'll break into the 1790s by the Friday close.

A break below yesterdays low of 1760 looks very unlikely in the immediate term.
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Long day ahead..lets see what the Yellen monster has to say....


10.34am. The monster is causing some minor turmoil, metals are pretty twitchy. Market looks a bit tired in the low 1780s..but..the 1790s look viable by the afternoon.

CSCO, -12%....