sp'15min
Summary
So...bulls have managed..not quite a 1% bounce after being ground down across Monday.
All things considered, equity bears have little to be concerned about. The only issue is tomorrow's sig QE of $3-4bn.
Worse case..a further brief push to test the old broken floor of 1770, and then a renewed push lower, although recent price action is more suggestive that we just rollover from here.
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Regardless...things remain broadly on track.
This coming Friday sure will be 'fun', not least in pre-market when the jobs data are released (8.30am EST).
*I've clown finance TV on 'mute'..so I'm missing out on what deputy CNBC cheer leader Mandy Drury is saying, but I'm guessing its not anything particularly 'useful'.
3.03pm...ironically, whilst on mute..they also cut the picture.
*the European viewers have all sorts of things get censored/cut from US TV feeds, you have no idea!
Bullish media sector?
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3.08pm.. market sure looks vulnerable here. Bull maniacs had ALL day to ramp this back..and they didn't even manage 1% index gains. Weak weak weak!
Eyes on the VIX, 18.60s....bears should charge for a close in the mid 19s.
3.18pm... market looks done... 5/15min both rolling over.... sp'1755....
Equity bears should be gunning for a close <1747..with VIX mid 19s!
3.28pm..the rats...want OUT. Eyes...on the VIX... 18.79...
3.30pm..the rats....are making a run for the life rafts....watch them jump!
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*there is a possibility that you could count today as a sub'2 bounce. In theory, tomorrow should be see major declines.
3.38pm..more minor chop... but hey..that sure looks like a big bear flag on the hourly index charts.
Anyone holding long overnight..at best..upside of 0.7%..but risk of a gap lower..right <1739 (ADP jobs report?). Makes for a possibly quite exciting Wednesday open.
3.45pm.. VIX hourly MACD cycle close to flooring..but nothing conclusive yet. As it is, equity bears getting opportunity to go long VIX in the mid 18s, after we were in the 21s yesterday.
UGAZ cooling down a little, now just +20%
3.55pm.. well, even if we open tomorrow at 1765, that still makes for a VERY clear bear flag on the hourly charts - see closing post..coming right up! Bulls are getting a chance to exit in the 1750s...they'll surely be whining by Friday....somewhat lower!