US equities are set to close lower for the fourth consecutive day, with a daily close probably under the giant sp'2000 threshold. Oil has swung sharply higher, +3%... - for no known reason... helping the market claw back above the low of sp'1988
We're seeing sporadic little attempts to ramp... but still.. it will be a fourth day of declines. There is NO clear turn/floor yet.
Primary target remains the 200dma.. around sp'1965... that seems viable as early as tomorrow.
Those currently short.. should be mindful of next weeks ECB.. when the printers are about to be spun up for t-bond buying.
...updates into the close..
3.09pm.. Hourly 10MA... now 2006.... first level for a bullish break.. but overall... it looks like 1960s... before this wave concludes.
3.20pm.. R2K Jumps.... now just -0.3%... a positive net daily close... just about viable. It still doesn't negate the chance of a hit of sp'1960s though.
VIX rapidly cooling, +5%... a red close would merit some consideration.
3.31pm.. sp' 2011... bears getting short-stops hit.... sure is one messy day
*precious metals turning red.... as the 'fear bid' is lost. Miner ETF.. GDX -2.7%
3.39pm.. Equity bull maniacs need a daily close of sp'2015 to break down trend... but that looks out of range.
In any case... day'4 for the bears... but the ECB printers are being plugged in.... ahead of next Thursday.
3.43pm.. R2K and Nasdaq... both with bullish reversal candles... bodes for renewed upside...rather than things 'spiralling outta control'.
3.50pm... Short term down trend.... being challenged.. sp'2012...
Notable gains.. Nat' gas +11% .. something I've overlooked... the second strong day of gains.. a MAJOR breakout for gas on the daily cycle.
3.55pm.. the relative strength in the R2K should greatly concern those who are seeking much lower levels in the weeks ahead. The R2K is warning of renewed upside.. for the broader market.
... back at the close.