sp'60min
Summary
No doubt many will be calling today another sign of a top, however the weekly charts would argue against it, never mind the fact we're still net higher on the week right now.
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Equity bulls should merely seek a daily close in the 1850s, which is within easy range, considering we still have an hour left.
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Notable movers...
Macys (M) +6%, and many of the other retail stocks are doing okay, even JCP & SHLD
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Home Depot (HD) +3.8% on what were good earnings.
Again, its kinda interesting that a few of the old school retailers actually did pretty reasonable in Q4. Maybe they are just firing/not hiring to keep down the running costs though?
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updates into the close...if I can stay awake...;0
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3.15pm... sp'1843...a mere 3pts above the early low.
Here is the issue though..price action simply doesn't support the bears. Barring some kind of random news that spooks the market, we'll see another new up wave, one that will take us into the 1860s.
I just don't see anything for the bears to get interested in right now.
3.23pm...market battling...1843....I still highly suspicious of this price action... nothing has changed.
I guess if Mr Market wants to keep everyone guessing, it'll be a flat close at 1847
3.33pm...5/15min cycles...turning......bears beware!
3.40pm... we have a clear turn..and there is very sig' upside viable across tomorrow, as supported on the bigger hourly/daily charts. Daily charts would allow the 1870s this week.
3.46pm...chop chop...not exactly exciting, is it?
Regardless of the exact close..we're another day closer to spring..and probably the big correction that so many are waiting for.
Notable that TSLA is going to close with the bulk of the gains, +13%. I can't imagine any retail amateur not already having covered a short position by now...surely?
3.54pm..chop chop...bulls should at least hold the 1840 level. back at the close!
Despite the index declines..VIX barely positive. +0.5%