sp'15min
Summary
The last 5 trading days - seen on the tiny 15min cycle, show just how stuck we are .
Yet..this is probably the best the bears can do. A break <1830 looks highly unlikely, and becomes less likely the longer we remain above 1830.
With heavy QE this Wed/Friday, equity bears face major problems as the week proceeds.
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Notable weakness..DRYS, -3.7%.
Seen on the bigger weekly cycle, DRYS is now -25% since the brief break into the low 5s. Still, if the BDI can break back higher into the spring, DRYS will probably have doubled from current levels.
1.03pm.. sp'1830...bulls need to hold this..or the old fib target of 1818 comes back into play. hmm
1.07pm.. a marginal break of 1830..and the VIX is up..2%. Clearly, the collapse wave is here, right?
Well, that is what some are still yelling. Recent price action is still very broadly bullish though. The real laughable aspect is that we're barely 1% from the historic highs.
1.19pm.. looks a pretty decisive break now..1828... 10pts further to go. No doubt the long-stops are getting hit.
Yes, its changed..and the old 1818 target is back. Even if that is hit though, it does nothing to dent the primary up trend.