sp'60min
Summary
Hmm...it looks like the week is going to end with some drama...one way or another.
Underlying MACD cycle is very low, so the bears will be vulnerable to a whipsaw higher for the entire day.
Equity bulls should be increasingly desperate to break back above the hourly 10MA, which will be around 1825 by late morning.
It remains notable that the bears haven't strung together two decent down days since last October, and even then, we were only talking about 32pts across 2 days.
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Video update from Oscar
Even Mr Permabull has had a rough week, with the last 5 calls being wrong.
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Post earnings movers: MSFT, +3.5%, SBUX +1%
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9.31am... okay..key issue..the 50 day MA is sp'1813. The last it was tested was the FOMC-taper day..where we soared from it.
Clearly, ANY break under..and it will confirm yesterdays break in the Dow <16174
9.43am... Transports..-2.6%, the biggest drop since last August. Now the bears..finally have something worthy of note.