sp'60min
Summary
*note the upper bollinger band on the hourly cycle, which is now collapsing. That will be primary resistance today, and might end the day in the low 1860s.
A daily close in the 1870s looks...out of range.
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The big question is how will the market deal with the fed press release at 2pm? Any mention of higher interest rates would really upset the market.
*I remain on the sidelines, but will look to pick up a few market shorts today, preferably >sp'1865, with VIX in the low 14s. That would seem a reasonable level to get involved.
8.40am.. sp +4pts, so..that will open us at 1856.
9.25am... sp +5pts...to 1857...
So..the 1860s look a given..this morning..the only issue is whether the market can keep on pushing to the 1870s.
I will keep a close eye on the VIX, for me, that might be a more useful indicator of a turn...later today.