2pm update - increasingly stuck

The market remains firmly stuck just under the old broken floor of sp'1770. There are very early signs of a rollover, but at the current rate, there will be no confirmation until at least early Friday, at which point we'll have the jobs data anyway. VIX is similarly trying to floor, in the mid 17s.


sp'60min

vix'60min

Summary

Rest of the day will likely be minor chop..with moderate risk of closing hour downside. A daily close <1760 looks unlikely. We'll probably settle in the 1765/60 zone..which will keep everyone hanging for the Friday open.

One way or another, this time tomorrow, we won't likely be anywhere near 1770.

Considering the weekly trends...I'm still holding to the original 1710/1690 target zone.

yours...bearing up...  (not baring..OR barring).  Urghhhh


2.29pm.. another micro cycle higher..and sp1773...where the daily 10MA is. Bears really have problems with a daily close in the 1770s.

Oh well, regardless of the close, what matters is the Friday open. Battle continues....

Notable strength: IRBT, +15%, an extremely strong reversal after opening a little lower.