sp'60min
Summary
Interesting day.. and we have a short term top of sp'1949.
A B, 2, or whatever you want to call it, down wave to 1910/00 looks very likely, completing either tomorrow or Friday.
In either case, I still expect another wave higher to the 1950/60s next week.
Frankly, the setup looks good for the bears next week...
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3.15pm.. chop chop.. sp'1935.... a close <1930 looks ... probable. .with VIX 18s.
Notable weakness, BTU -5%.. ugly... although not as bad as CREE -16.8% on poor earnings.
3.28pm... 1934... VIX 17s....
As many note... Oil is very weak, -2.3%, and that is once again impacting the broader market. I'm still looking for 70/65..if main market rocked before year end.
3.42pm.. a nice 1% swing from the morning high of 1949.... with VIX 18s...
On no basis though does the market look set for sustained trading <1900 in the near term.
First things first...lets get to the FOMC... next Wednesday.
3.50pm... A somewhat fun day.... sp'1926.. VIX 18s..... bodes for a weak Thursday..at least for part of the day.
back at the close......