sp'60min
Summary
...well, here we go again.
I hold to last Friday's upside target of 1955/65. What happens then.. that is the big unknown.
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*I'm honestly not sure what I might do this week. The problem with any short is that the market just keeps on pushing higher.. through the 1970s..and into the low 2000s by early September - even though that seems impossible to many right now.
Hourly cycles look exhausted on the downside..at least for 2-3 days... certainly, right now is a lousy time to be on the short side. We could easily close +0.5% or so today, with stronger follow through Tue/Wed.
Have a good week
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9.20am... For the sp'500 at least, a break under the March high of 1897 would be very significant.
A real problem remains, unlike summer 2011, the indexes are not in sync. We've a strong transports, vs the weaker R2K/Dow.
I still fear a break into the 2000s into Sept. before <1897.
9.40am.. minor opening chop... its a tricky morning to call.
Threat of another small wave lower..but still.. the 1950/60s look an easy target, even if we break lower today/tomorrow.