12pm update - battling it out

There is a key battle now being played out after a 50% retrace of the Monday declines. Bulls need >sp'1835..whilst bears merely need to stall this mornings rally..before attempting a latter day sell down. VIX however is highly suggestive that the market remains very strong.


sp'60min

Trans, daily

Summary

*the two leaders - Trans/R2K, both looking pretty strong.
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If the market can put in a daily close of 1835 or higher, that will pretty much clarify that the recent week of sideways weak chop has concluded.

The fact the VIX has already slipped a very considerable 9% to hit 12.00..is again testament that the market remains strong.
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12.08pm..  Two fed officials due to speak across the next two hours. If they allude to no-taper...you know Mr Market will be 'inspired'..and make a clear break >1835.

Bears at real risk here...and the VIX most certainly supports it.

time for tea :)


12.26pm.. sp'1836...market is clearing the danger zone..and breaking out.

Bears on the run now...!