Equity indexes have seen the second significant decline in 8 trading days. Yet..it remains notable that equity bears are still utterly unable to string together two such down days. Regardless of where we close today, the real question is how we close the week.
...an interesting closing hour ahead.
Considering the 5/15/60min index cycles, there is high risk of at least some recovery into the close. Equity bulls should be seeking the low 1830s..which really isn't that bold a target.
Notable weakness: FCX -3.0%, RIG, -3.5%, UAL, -2.3%
Strength: AAPL, TSLA. I can only imagine the annoyance those who are on the short side of TSLA...still gaining, whilst the main market got smacked.
3.12pm.. market wants to break into the 1830s. Are the algo-bots going to frontrun tomorrows sig' QE ?
Bears are getting a chance to exit here..whilst there is major risk of >1850 next week.
3.30pm.. sp'1830/32 , first upside target..still viable THIS hour.
3.40pm... watching CNBC, Gartman talking about divergences...he is cherry picking his indexes.
Dow is weak..yes...but ALL other indexes are strong. Even then, the Dow is STILL within a broad up trend.