sp'60min
VIX'60min
Summary
One of the strongest hourly ramps we've seen in some time..
Equity bears MUST hold a daily close under descending trend..currently 1965.
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Meanwhile..over on CNBC.. they are now asking is this the time to start buying stocks....
Notable HYPER strength: miners, GDX +5.6%... the biggest gain I can remember in a VERY long time.... However, GDX break the 2013 low.. earlier this morning.
3.14pm... Well... a simple Fed press release.. and havoc across the US capital markets.
The move in the miners will no doubt get some serious attention this evening... and no doubt the floor callers will be out again (although seen one)... but unless you think metals have floored..just a few days ago... then its makes ZERO sense to assume miners have floored.
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VIX -10% .. 15.40s. .and the earlier 18s now look a long way up...even with 2 days left of the week.
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3.30pm... We're at the declining resistance/trend...
A daily close >1965 would be a problem for those in bear land... although that seemed the case early Monday morning.
3.37pm.. Bullish engulfing candles ALL over the place on the daily charts... bodes VERY badly for bears.
A daily swing of 41pts (2.1%).... disturbing.... with VIX -12%.... 15.10s.
3.43pm.. .sp'1968.. .and there goes trend/resistance... next level is the Monday opening high of 1977.
GDX +8.1%.... biggest gain I remember since the 2011 bubble peak.