Tuesday, 22 July 2014

10am update - Transports breaks a new high

US indexes are moderately higher, with the sp'500 making a play for the mid 1980s. Most notable... the Transports, breaking a new historic high in the 8400s. VIX is being crushed, -7% in the 11.80s.

Trans, daily



*a new high is very important to recognise, and it negates any bearish hopes.

It would seem the R2K has also put in a key floor...at the 61% fib retrace level.

This is starting to get annoying... I really am not in the mood to chase this market higher.

10.08am.. short stops getting hit.. and sp'500 looks set to break a new high.

R2K +1.1%...breaking away...

10.30am... no downside pressure... market in melt mode..with the bears getting short-stopped out.

R2K +1.2%.... first big target is a daily close in the 1170s...that confirm that new highs are due in the 1220s...and eventually 1300s - with sp'2100s.

10.37am.. again, hourly candle is a bit spiky on the sp'500....but..I'd sure as hell not be shorting this.

Bears need a red close to offer some hope.... its easily possible, but....other indexes argue against it.

so........can't short.....but neither will I chase.