1pm update - interesting afternoon ahead

Mr Market appears stuck just under the Wednesday high of sp'1826. We have a very viable micro double top, and with a bearish cross on the hourly MACD index cycle, bears have the opportunity to knock the market back lower into the close. Metals holding moderate gains, Gold +$8


sp'60min

vix'60min

Summary

The bounce from 1809 to 1824 was no doubt annoying for some, but it makes for a simple re-short opportunity, with a super tight stop in the 1825/30 zone.

Primary downside target zone remains 1800/1790..which is still viable tomorrow...so long as we don't break a new high (>1826.55)
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VIX looks set to close green, which would break the 5 day downward fall.


1.07pm.. who wants to go long at sp'1825.87 ?     ....and we're back to Dow 16000... clearly.. ALL is well again.


1.13pm... sp5min cycle....

What ya think? Double top...or are we gonna break?

I'm still holding to the double top..with downside to 1800/1790s....
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1.20pm...busted short-stops...new multi-day high 1827s....hmmm

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1.31pm.. its turning into a bit of a mess...we're now almost 20pts above the opening low, and with marginal new highs..and serious day trader bears just got the kick.

The small 5/15min cycles are looking exhausted, but really, with new highs..what now?

Surely the sub'2 retracement was not just 1826 to 1809 ? Was that it? I still find that hard to believe..

meanwhile, UGAZ still climbing +8.9%.... Gold +$9...getting real close to testing the 200 day MA.


1.46pm..clearly...short-side busted...market clawing to new highs.  VIX in danger of losing the 14s..if sp'1830s...urghhhhh