It has turned into a tedious and annoying end to the week. Yes, the Trans/R2K are yet to break new highs, but they are very close, and the broader trend remains up anyway. Right now, the bears need Yellen to make an appearance, and start talking about 'considerable' things.
*minor down cycle underway, with first resistance at the hourly 10MA of 1873.
Minor toppy chop..but hey...its a new high..and we have a higher low of 1850..from Wednesday.
Equity bears have nothing to tout now, not least since the weekly cycles are going to close bullish - even if we drop to the sp'1860s by the close.
1.16pm.. market testing the hourly 10MA @ 1875..... if only we can break through, then the mid 1860s are open by the close - not that would turn the weekly cycles back though.
VIX -2%...a green close would be...something.
1.18pm.. hourly 10MA...fails to hold.... kinda interesting..... at current rate, we'll get a bearish cross BEFORE the close..so..closing hour could be pretty wild...especially since its quad-opex.
Time for everyone to wake up ;)
1.23pm.. VIX trying to show some kick, -1.3%, and a green close ain't so far away now.
1.25pm.. bearish cross possible in the next hour....first downside target, lower hourly bollinger..currently 1860 or so.
1.30pm... VIX challenging the hourly 10MA...almost positive..with 2.5hrs to go.
Right now..best case is sp'1860, with VIX 15.25/50
1.35pm.. update on the VIX....
You can see the clear break level..bears need 15s.
1.47pm..ohh the humanity...VIX green...sp'500...green..and now 13pts below the earlier high.