11am update - typical turn time

US indexes are moderately lower, and we have some interesting weakness in the two market leaders - Trans/R2K. Yet...all indexes are holding the broader upward trend, and so far, price action is still in favour of the equity bulls.


sp'60min

Trans, daily

Summary

So..we're lower, but we've seen this type of price action many times in the past few weeks, and so far..it always ends the same.

Hourly MACD cycle is low, and bears are getting an opportunity to exit almost 1% below the Friday opening high.

As ever...11am...is a typical turn time..bears beware!

*equity bears need a daily close <1834, and right now..that looks...real difficult.
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Notable weakness in the momo stocks: NFLX, TSLA, an exception is FB, +2.4%


11.15am... we're turning...back to sp'1870.

VIX cooling down a little..back <15.


11.30am.. classic 11am turn...and we're already 7pts off the low.

Just isn't any downside power, and we now have 1867 as yet another higher low.