sp'60min
Summary
...standing by for the Yellen.
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Looking at the hourly cycle, equity bears just need a Friday close <1980.. to break the channel... that will open up two gaps... 1972... 1958.
On no outlook do I see the 1940s being broken below until October.
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10.08am.. Well, the speech is released, and the algo-bots are churning on it.
Its starting to get real tedious again...micro chop. Even a test of the lower channel - 1980 at the close.. looks difficult.
Maybe there is a Q/A later..where Yellen might say something 'stupid' ?
10.27am... minor chop.
Why wouldn't we see sp'2000s this afternoon?
Its not looking good for those seeking a down wave beginning today.
My concern is we'll just keep battling higher..to the upper weekly bollinger... currently 2022...and only slip back to 2000 (would make for a natural support).
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VIX showing absolutely ZERO concern... set to close red... net weekly decline -10%
10.47am.. tiresome micro chop.... absolutely nothing for bears to get excited about.
Notable strength: airlines, DAL, UAL, both +1%