3pm update - recovery into the close

The earlier floor of sp'1779 is looking reasonably secure, and with the Fed book out of the way, the bulls have another opportunity to attempt to close marginally higher. The metals are holding the gains, whilst Oil is +0.9%. VIX looks to have maxed out at 15.67


sp'60min

vix'60min

Summary

The micro count is always a bit of a nightmare to remotely guess.

Regardless of the smaller waves..the  bigger outlook remains to the upside..all the way into spring 2014.
-

VIX sure looks done for...but equity bulls need a break of that up trend tomorrow/Friday to have confidence of new highs next week.


3.17pm.. equity bulls should seek a close above the  hourly 10MA of 1792. That would open to the door to the low 1800s for Thur/Friday.


3.32pm.. market wants to close >1795.


3.39pm.. sp'1795...battling higher...bears on the run!

3.44pm.. VIX turns red..and bulls are looking in control for tomorrow at least..possibly into the weekend.

3.54pm.. a bit of chop..but the underlying upside pressure is there.        back at the close.