sp'60min
Summary
A new trading month begins, and despite likely opening gains, equity bulls are facing increasing pressure.
The weekly charts are weak, and will open with the third consecutive bearish candle, which has not occurred since Nov'2012.
*something to watch this morning, the monthly charts...as we open a new month, look to see how much closer the MACD cycle is getting to a rollover.
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We have a long week ahead, the only QE-pomo to be concerned about is tomorrow and Wednesday, with the big jobs data..Friday.
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9.04am.. market weakening... we're now set to open fractionally lower.
Since we're a mere 12pts (0.6%) from breaking the key floor of 1770..it really won't take much to spiral things lower. As I will keep noting, any break of 1767, should open up a fast move to 1710/1690 'within days'..if the break occurs.
9.23am... metals picking up.. Gold $5, whilst equities still slip, sp -2pts.
9.35am.. new month.. and the bulls look largely absent.
Lower weekly bol' jumps to 1691.... with the 200 day MA @ 1707..those are the key targets..on a break of 1767.
9.50am.. ohoh, VIX breaks 19s
Thats pretty important! Bulls are in trouble.