1pm update - price structure is still a bear flag

It remains a day of subdued mild chop in the US equity market. Price structure on the hourly chart remains a rather clear bear flag, with what is a fractionally lower high from late Wed'. There is moderate possibility of latter day weakness.


sp'60min

Summary

To be clear, even if I was open to picking up another position, I'd not want to trade the short side.

Price structure is a bear flag, but price action doesn't much favour the bears.

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Regardless... 'moderate' chance of weakness this afternoon, but I sure don't think its worth bothering with... even if we are in the 1940/35 zone on Monday.

VIX +1.5%...a weekly close in the low 12s....seems viable.


1.17pm... minor down wave... hmm..  Just need to take out 1953... and then another 10pts are on the table.


1.22pm.. and there goes the morning low. Hourly cycle will be bearish into the close..unless another stupid micro ramp appears out of nowhere.

Could do with the 1940s..just to keep me awake.