With sp' seeing a further micro up wave to the mid 1870s, the VIX has been duly knocked lower, back to the levels from last Wed' morning. The two leaders - Trans/R2K are seeing some very significant gains, with the Trans once again close to breaking a new high.
So... sp'1875 - which has been a key resistance level for the last FOUR weeks.
A daily close >1875 would be very bullish for Tuesday (not least if there is sig' QE-pomo tomorrow, although we won't know that until the new QE schedule at 3pm today).
I remain short, but will get kicked out if >1884/85.
No point holding above there, since the next ceiling is probably somewhere in the 1950/75 area..by early May.
1.20pm.. Who wants to go long right now..in the 1870s... hmmm ?
Thats what I thought.
Lets see how we close the month...and quarter.
*notable weakness: TWTR, TSLA. Certainly, the momo stocks aren't doing so great today.
Metals.. weak, Gold -$5..and a bearish monthly reversal..WILL occur.