sp'60min
Summary
*Trans is -1%, more on that later though.
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A very quiet day. Action on the small cycles is very muted. A break >1800 would be...surprising, but then, neither is a break <1790 likely..at least until tomorrow.
I will note, there IS a real opportunity for the bears to push briefly lower, to 1775/70, but..underlying MACD cycle is already reset 40% or so. Its going to be overly difficult for the bears to break <1770 again.
A fair question to anyone still seeking new lows (<1737) in the days ahead....
If the equity bears can't break lower on a day when monthly jobs misses by 70k consensus, then how are they going to do it any other day?
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Notable weakness...
UGAZ,daily
Probably another 15/20% to go in the current wave, the fact that we're another day closer to the spring, can't be helping!
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VIX update from Mr T
time for tea :)