12pm update - On the edge

The indexes are holding borderline significant gains of around 1%, with the sp' hovering around 1770 - the old busted floor from last week. VIX has been knocked -10%, back into the 17s. If the market does reverse from here, it'll make for one cruel tease to the bulls (for once).


sp'60min

sp'daily5

Summary

*the daily 10MA - currently 1773, is another key level bears should be desperate to hold under
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For most bears, this morning is probably way more annoying than even last week when we were stuck in the 1770/1800 zone.

Now we're stuck just under...which is clearly resistance, but if Mr Market likes the jobs data tomorrow morning (regardless of the number...interpretation is everything), then bears will have to exit..regardless of price.

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VIX update from Mr T



time for tea :)
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12.20pm... market clearly showing some respect to the 1770 threshold.

A fair few are launching heavy new short positions here. Anyone long..getting a bonus opportunity to exit at 1770..ahead of the jobs data.

Personally, I'm still looking for a train wreck tomorrow, whilst the weekly cycles remain outright bearish.