sp'60min
Summary
*notable weakness in the USD, -0.4%, which is no doubt helping the metals.
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So, we're set to open pretty close to the Monday low of 1841..a mere 5pts away from the 50 day MA.
With no sig' QE until Thursday, the bears have a window of opportunity. They had better make good use of it! However, hourly MACD (blue bar histogram) cycle offers upside across much of today, if not also the first half of tomorrow. So, there is most certainly a high chance of the 1860s.
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My best guess is that we do hold sp'1839/40, bounce today/tomorrow, with renewed downside later in the week.
With the 60/15min cycles as they are, I simply can't chase this market lower..way risky in my view. Neither will I go long, with the break of the weekly 10MA. So for me, I'm trapped by two personal trading rules, at least for the moment.
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Video update from Mario @ SMF
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8.35am.. futures turning positive...they've swung from sp -4pts.. to +1pt in the past hour.
9.20am.. futures sp -1pt.... 1844...
A bounce looks VERY likely today and into tomorrow. The only issue is...how high. 1860s..or 70s.
USD is having real issues this morning.. -0.53% @ 79.81, and this will certainly help the bulls bounce this nonsense
9.35am.. here cometh...the bounce!