US equities open largely flat, but with equity bears still powerless, the underlying upside pressure might be enough to get a monthly close in the sp'1860s. That will bring within range the lower end of the 1880/1920 target zone by mid March. VIX looks set to melt lower into the weekend.
*Chicago PMI: 59...much better than many had feared.
So..we've already broken into the 1860s...and with the daily cycle now offering 1885 in the immediate term...equity bears look utterly broken.
Regardless of any chop today...bulls are closing the month with very powerful gains.
Will it hold the trend, before a lurch into the low $50s? Regardless, that is one hell of a ramp since last summer.
10.01am.. consumer sent' comes in okay, in the 80s
Bonus chart this hour...
Monthly candle finally turns back to green @ sp'1860....we're back to outright bullish on the giant cycle.
Special note: notice the upper bol'...offering 1905...that will jump to 1940/50 at the Monday (March'3rd) open. That is prime zone for an giant inter'3 top.
10.07am... bears on the run...they are really panic-covering now! sp'1864
10.23am... I should add. next initial resistance is around 1870....on the weekly cycle... Certainly...it'll be tough to close in the 1870s today!
Notable gainer UGAZ +7%, but still -20/25% on the week