sp'60min
Summary
So, we're set to open at the Tuesday morning low.
Again, it remains a case, bears lack any downside power.
First line in the sand is 1826. Only if we break that, can bears have any hope of anything remotely interesting in the remainder of the week. Considering the QE, and the bigger weekly cycles, I can't see any sig' downside until after the next FOMC.
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Video update from Mr C.
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Notable movers:
GRMN +12% in the $53s, earnings (I guess)
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So..to be clear...barring a break <1826 - the previous notable high, bears have nothing to tout. Just how can anyone expect an sp-16pt drop..today..or tomorrow, hmm
The only real catalyst today might be the Fed minutes, but then, we all know the Fed has cut QE, and plans to cut again at the March'19 meeting...so I don't expect any surprises there.
9.33am... we have two major supports at 1826...rising lower bol' and previous high.
Considering the MACD cycle..and recent price action, I can't see a break of that. The broader upward trend continues.
All the bears have to hope for is a geo-political issue and the Fed minutes today. Yet, even then, heavy QE tomorrow of 4-5bn. Who wants to be short ahead of that?