The main indexes open higher, but with a little uncertain chop. Metals are trying to build gains, Gold +$8, with Silver +1.5%. Equity bears face a multitude of problems, not least of which is a secondary heavy QE this afternoon.
*I will remove the ABC count on any break >1814.
It is difficult to call, but on balance, I think we generally proceed higher.
The bigger weekly charts...
Best guess..we are in micro'5 of BLUE 3..of bigger Black 3 (if that makes sense!)
Upper bol' now in the 1840s. Bulls have a clear 30pts viable upside this week..and keep in mind the monthly charts also offer the 1840s.
To those seeking a C wave lower this week...its not looking good..is it?
We have a clear break - at least in the near term on Silver...bulls need to break into the 20s..and hold there..otherwise, its just a minor bounce.. Downside target remains 17.
Notable mover: TWTR, +5% in the $47s. What maniac is chasing that higher this morning?
10.08am.. sp'1811...just 2pts to go. Underlying momentum is very strongly to the upside. Its going to be next to impossible for a C wave.
Just where is the downside going to come from? I don't see anything in the immediate term to push this market even moderately lower.
10.35am.. a small reversal, but bears should be desperate for sub 1800..fast.
With major QE later today...a daily close <1800 is going to be damn difficult.