sp'60min
Summary
Clearly, another attempt at a floor is underway, with a somewhat spiky candle on the hourly chart.
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Unquestionably though, today has been a day for the equity bears, especially in terms of the two market leaders - Trans/R2K, the latter of which has seen a death cross, and is getting some mainstream attention.
Overall, I can't take the declines that seriously.
Key support is currently rising trend @ 1990.
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updates into the close...
3.10pm.. Despite the metals largely flat.. .there is notable weakness in the miners. GDX -2.6%... absolutely dire on every cycle.
Coal miners are equally dire, with ACI, ANR, and WLT all now in the $2s... incredible.
3.25pm.. sp'1990 holding... just. Its pretty important, won't take much of an overnight gap lower to take it out.. and that opens up last weeks 1978 low. If that fails...then... something new is going on.
Interesting to see how rattled the cheer leaders are on clown finance TV are today. One day down day after Friday's new highs.... they sure do get upset easily.
3.39pm.. a close of 1995 or higher.. would be some minor consolation to the bull maniacs
3.43pm.. Bears being short-stopped out... 1995... and rising.
With $1.7bn of QE tomorrow... bears face the usual problem.
Best guess.. we close Tuesday 2005/10. The issue then is... new highs by end week...or a lower high? Considering the broader outlook... I still gotta think we're headed higher.
*holding LONG-index overnight...
back at the close