3pm update - closing at the high of the day?

Considering the smaller, and bigger index cycles, a daily close in the sp'1790s seems likely, and that will keep open the door to an FOMC or Thursday morning (Q4 GDP) spike high...in the 1810/15 zone, along with VIX 15/14.50. From there, the downside (in theory) should resume.


sp'60min

sp'daily5

Summary

For many..today has been a real mess..but this sure looks like just a standard bounce, after what was a pretty sharp 3 day drop.
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Those seeking an index re-short and/or long VIX, should be on standby from the Wednesday open for a potential bounce high..and then a rollover.

As ever...Fed days are somewhat tricky, and the safer strategy would be to wait until at least 2.15/30pm.
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I'm not expecting much in the closing hour, other than another 3-5pts higher, although would doubtless really annoy those holding short the market.-


3.15pm.. upper bollinger on the hourly chart..now 1809..so..we will clearly have some stiff resistance around 1810 early tomorrow.

VIX looks weak..-8%..and a close in the upper 15s...would be the target.

Tomorrow could be one hell of a reversal day...
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3.39pm...pushing for a new intraday high...... nice to see the market behaving itself.