10am update - you already had the retracement

The market opens with some minor mixed chop, but underlying upside pressure is there for anyone to see. Sp'500 looks set to break new historic highs, whether today, tomorrow..or later this week, does it matter? Weekly charts are absolutely clear, we're still broadly pushing upward.


sp'60min

sp'weekly8

Summary

*note the lower bollinger on the weekly, now at 1724. Next week it'll be 1740s, we ain't breaking <1737 for some months.
-

All the talk of a retracement..we have already seen it...1826/1809.

This market remains fuelled by QE..and this morning will see $2-3bn of pomo fuel...bears have no excuse to note be side stepping this. The fact there is HEAVY QE of 4-5bn on Thursday...should make anyone considering the short side just walk away for the entire week.
--

VIX +4.8%, but still, we're only in the 14.20s. A red close today would be the 8th daily decline.

Meanwhile...

Over in the Ukraine..its getting rowdy as the sun sets. LIVE feed
--

10.06am.. micro down wave.. should find support around 1833/32.

No real downside pressure, QE money is going to be a problem ALL this week.  


10.30am... minor chop...and the bears lack any real downside power.

Anyone still doubt 1850s coming?

notable strength: UGAZ +12%