sp'60min
Summary
*I realise some have little concern for particular statistical indicators, but still...you can see on the above chart - MACD cycle (blue bar histogram) has remained positive since the Tuesday open. Even this morning, we did not go negative cycle.
..and the VIX failing to break 19..was my concern, for anyone not tightening stops at the open.
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Anyway.. we have yet another re-short opportunity now available.
Risk/reward is perhaps 1.5% upside, vs a possible 7% downside next week.
Obviously the immediate trend is UP..but the 1810/15 zone is looking overly tough to hit.
Next week should offer a real chance at breaking 1765..and if that is achieved..we're looking at major downside to the 200 day MA/lower weekly bollinger.
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Gold bugs ending the week on a downer. After opening gains of $10...metals are now rolling over.
The summer 2013 lows will surely be taken out..its just a matter of when.
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2.25pm... hourly index/VIX cycles are possibly starting to turn. Nothing decisive yet..but for those wanting to short the market..the window is opening again.
Right now..short-stops would be at the big 1800 threshold. Worse case..1810/15 next week, but today's price action (opening drop..not the QE fuelled recovery) is suggestive we'll break lower again next Mon/Tuesday.