With a break above the hourly 10MA of sp'1930, equities look set for slight upside into the close. Indeed, hourly cycles are offering broad upside across Mon-Wed, to the 1955/65 zone... where a 'classic back test' is viable against the old busted support floor.
*hourly MACD cycle is primed to break higher next Monday.
It has been one hell of a week, with Thursday offering the first decent bearish price action since February.
There are a number of very bearish outlooks now viable, but first...lets see if we can get a back test of broken support.. and then break below 1900.
A key level is the sub-cycle high of 1897. If that can be broken at ANY point this month, then the broader trend will have decisively turned bearish.
*I will seriously consider a short of the market next Tue/Wed. in the 1955/65 zone.. which should equate to VIX 14/13.50s. Until then....I'm content to watch.
3.07pm... micro bull flag on 5/15min cycles.....bears...beware!
3.22pm.. market trying to close green.... here come the 1930s..
3.34pm.. minor chop.. but the earlier low of 1916 is a fair way lower.
Notable strength: TSLA +5%
3.54pm.. urghh.. rats selling into the close... 1923... with VIX 17.15