1pm update - bears still lost in the minor noise

A touch of weakness, but with new historic highs in the sp'500/Transports, it is another day for the bulls. Yet... the equity bears are still at it... still looking for minor down cycles within the broader and powerful upward trend. Pointless.... utterly .... pointless.


sp'daily5

Summary

*notable weakness in Oil, -2.7%, and this is probably why airlines are doing well. DAL +2.5%, UAL +3.2%.
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First support, daily 10MA @ 1994...should hold.

Whilst we do have econ-data across the week, Thursday will be the major day, with the market looking for some kind of QE from the ECB. This expectation is most certainly being reflected in the Euro/dollar pair, having slipped to 1.31.
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Intraday update from Riley



I'd agree with Riley, and look for late day strength. 
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stay tuned..or awake...maybe both.