sp'60min
R2K, daily
Summary
The R2K looks especially floored on the daily MACD cycle. The 1130s look a pretty strong floor, which was the 61% retrace level.
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Its 11am, a typical turn time. Problem for the bears...
1. New high in the trans...with sp'500 close behind
2. There is no real downside pressure
3. Primary trend remains to the upside
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Equity bears should be in prayer mode about now...seeking a red daily close. It is possible, but I sure as hell won't be shorting it.
Even worse...there is sig' QE tomorrow..and Thursday.
11.07am... New historic high for the sp'500.
R2K +1.3%.... and that is a real problem for those on the short side, hoping for a reversal.
11.16am.. I can imagine some shorting this. I guess its viable, with a stop at 1986..but really, I ain't meddling at these levels.
Bears need an hourly close back <1982...not exactly asking a lot.
11.26am. VIX, hourly....
Possible floor...need a break above 12.50
11.35am Hourly candle on the sp'500 is spiky... makes for a bad place to be going long.
Equity bears should remain on prayer mode... need a news story to spook the market this afternoon.