11am update - something new is going on

With the break of sp'1978, something seriously 'new' is occurring. For the big picture watchers, the R2K - weak for months, is finally flashing some genuine signals of trouble. With the USD cooling.. metals have turned positive, Gold +$4


sp'daily5

R2K, monthly'3, with Fib levels

Summary

*the first red 'rainbow' candle on the R2K since May 2012.... its a pretty major event, and we have a clear trend break.
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With the loss of the 50 dma on the sp'500....bulls are in SERIOUS trouble now.

Best case for the equity bears... a STRAIGHT drop to the 1920/00 zone......and then a viable right shoulder bounce to 1970/90... before something potentially special.

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Long day still to come... but clearly... this is a very important morning.
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11.10am.. Okay... we have a floor on the micro 5/15min cycles, from sp'1970...

now its a case of 'how high the bounce... target is 1984


sp'15min

So... its bounce time... but with serious technical damage now done.. the bounce will likely be very limited.


11.24am.. minor chop.... and it still looks like its bounce time... the 2000 level though...its fading away.

time for a somewhat early lunch... back soon