2pm update - new highs, right?

A mere single day of moderate index gains, and many are already starting to call new index highs. It remains the case that bounces are to be expected... and treated as such. Oil is continuing to build gains, +1.7%, from earlier declines of -1.2%.


sp'15min

Summary

A break much above sp'1875, and the door is open to key resistance in the 1920s, but really, I find that almost impossible to conceive.

Personally, I'd like to see a daily close, somewhere in the 1855/45 zone, along with moderate gains in the VIX. That will keep open the door to a more logical key floor in the 1815/00 zone... tomorrow/early Monday.

--
*With the smaller cycles as they are, I picked up a small index-short in the past hour, will look to drop late Friday afternoon.


2,15pm.. smaller cycles are set to turn negative by 3pm or so.... bears should be able to knock the market lower into the close... setting up tomorrow morning.

Tedious day... thank the gods for Discovery... with their 'Gold Rush' marathon.