11am update - equity bulls fail?

Equities have climbed to a peak of sp'1966, but are starting to cool. The bigger weekly cycles remain outright bearish, along with monthly cycles that are also rolling over. Today is pretty much a case of which cycle do you trust more?


sp'60min

sp'weekly7

Summary

So, despite the fact we're still holding gains in the low 1960s... the weekly 'rainbow' chart remains holding a red candle. For me, that is significant, and illustrates the underlying downward pressure right now.

There are a lot of other things I'd like to cover, not least metals, miners...and various individual stocks.....but more later...

I need to shop... back in 20/30mins.


11.27am.. back from the shop...and I see indexes that remain stuck.. just under resistance.

It remains a VERY borderline situation. Certainly, bull maniacs don't need 1970+ today.. so there will very likely be uncertainty into next Monday..unless we manage to claw back to flat by the close.

VIX -8% in the 14s.. is not exactly inspiring right now.