The US equity market is fighting to hold a viable spike floor, with the R2K of 1153 and sp'1992... along with VIX 22.90. The daily cycles are still in an outright bearish status... but as ever.. the up waves remain stronger.. and faster than the down waves.
A fascinating day to be part of.
Suffice to say.... its never boring at the world's most twisted and rigged casino.
*it is highly notable that the monthly sp'500 cycle saw a bearish MACD cross this afternoon.... with MARCON 6.
The last time that occurred was around Oct'14th... and we remember how that turned out... do we not?
3.07pm.. At the current rate... hourly cycles will attain a rather important bullish MACD cross in about 2-3 trading hours. So... by late Wed' morning... equity bears are facing something of a problem... not least with it being day'6.
No doubt... the roaches will think otherwise... but then.. what else could they think?
Regardless.... enjoy the ride.
3.20pm... First target is the hourly 10MA... R2K 1170.... along with sp'2013... almost there already.
3.33pm.. VIX cooling, with a double spike top... hourly bearish MACD cross.... achieved.......equity bulls should be seeking a break <19 tomorrow.... along with sp'2025/30.
3.46pm.. chop chop... but we're a clear 1% above the earlier low.. with a rather interesting spike floor in place.
... back at the close.