sp'60min
sp'daily5
Summary
*awaiting phil' fed survey and leading indicators at 10am
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Yesterdays daily candle sure was pretty bearish, but hey..one down day doesn't negate a trend where we ramped 110pts across 10 trading days.
Bears really should be afraid of the QE today, it is very significant at $4-5bn, and will probably be more than enough to at least hold this market above the big 50 day MA.
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Interesting day ahead....
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Just looking at the 5min index cycle...market looks extremely vulnerable to breaking higher from here.
10.01am..lousy phil' fed.... market fails to hold 1826, but still, from a cycle perspective...this doesn't look good for equity bears...
10.02am..woah...reversal candle...its a strong one...bears in trouble now!
10.12am.. Well, the 5/15/60min cycles ALL look floored. Anyone still short..getting the opportunity to bail in the mid 1820s.
VIX turns red....
10.17am... sp'1831...and the mid 1820s are slipping away. A break into the 1840s..and the bears can understandably feel...dismayed.
Hourly cycle offers upside for rest of the week.
10.33am.. we're 8pts off the low already...not looking good for the bears, is it?
Weekly charts..are what I remain focused on though..more on that later...
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Powerful hourly candle..strongest we've seen in over 2 weeks, since the turn from the sp'1730s.