11am update - morning floor

The market appears to have formed a reasonably secure morning floor at sp'1794. With heavy QE today - and the smaller 15/60min cycles offering upside, the equity bears face real problems for the rest of today. Notable strength in AAPL and TSLA.


sp'60min

RIG, daily

Summary

Bears face major problems as we move into the afternoon. Anyone short the indexes should be very concerned about the spike-floor candle on the hourly charts.

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*I am long RIG from a little earlier..seeking an initial exit in the 52/53s..perhaps late this week.


11.29am..well, so much for the morning floor...marginally taken out..and 1790 now back on the table before the bigger QE kicks in this afternoon.

Regardless, the bears still lack any real downside power, but hey, that has generally been the case for over two years.