Despite gains - along with the rest of the market, the two leaders - Trans/R2K, are still weak. Most notably, the R2K is under the 50 day MA, whilst the Trans just can't break and hold the 7600s. Equity bulls face increasing downside pressure into the weekly close.
Well, 3 hours left of the trading week, right now, I'd settle for any weekly close in the sp'1850s. The 1840s...look out of range, even if a fair few of the rats jump ship.
Metals are back to flat..and the weekly declines are very significant, more on that later though.
1.03pm.. hourly MACD cycle....rolling over. Bull maniacs...beware!
Personally, best bear case for the close, is probably 1850..with VIX 15...plenty of time to get there.
Sixth FAILED bounce... how many more do we need to see, before this snaps <1830 ?
1.32pm.. Equity bears should be seeking VIX 15s into the close... the hourly cycle will be primed for a surge in the closing hour.
Are we enjoying the swings....this week, yet?