sp'60min
Summary
*hourly MACD cycle set to turn bullish in the closing hour..so...do not be surprised at a daily close in the 1880s, which would be pretty impressive considering the earlier 1850s.
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So..it is a bit of a mixed day. The R2K/Nasdaq remain weak, but are starkly contrasted by the Dow/SP/Trans.
Overall, I can't be short this market, and the VIX sure as hell does not support being bearish right now.
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*I hold heavy long overnight.. awaiting earnings from RIG.
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3.03pm.. Equity bulls should be pushing for sp'1877/78..to breaking the hourly cycle to positive..but it is not necessary today.
What is clear...bears facing real problems into tomorrow.
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3.25pm.. minor chop...with bulls holding the sp'1870s, with a VIX that shouldn't inspire any of the doomer bears out there.
3.35pm..Bulls should be seeking 1877/78.....looks on track for the close, almost 20pts above the morning low.
3.44pm...Bulls pushing... 1876....almost there.....
3.46pm....and there we go..target zone hit....arguably clarifies where we're headed tomorrow...
Those going long in the long 1860s this morning...congrats.
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3.49pm...Certainly.. today offered opportunities for both sides. Bears had a bonus chance to exit..and bulls had a chance to go long in the low 1860s.
Everyone wins prizes..yes?
Back at the close!