Despite the opening reversal from sp'1979 to 1989, the near term trend remains much the same.. slow downside crawl. There seems little reason why sp'1978 will be a key floor... primary downside target remains the 1973/70 zone... with VIX 15s.
..again, its pretty tedious. The price action is relatively minor.
Price structure is a rather clear very large bull flag.. and whether you want to call it a wave'2.. B... or whatever.... the bears remain WEAK.
So...its morning turn time... a problem remains $2bn of QE today.
I'm still guessing we hit the low sp'1970s...but it sure is taking its time to get there.
Notable weakness: AAPL, -1.8%
11.31am.. ohoh... bull maniacs punching higher... sp'1991.. and its on the edge of breaking the down trend.
Short stops will be getting hit now..... VIX slipping away.. -2.7%
11.37am.. bears losing control.
Worse... daily MACD cycle is levelling out...
VIX -3.2%.... but after the opening black-fail candle..not entirely surprising.