US equities have marginally taken out the morning floor (although not on all indexes).. with sp'2017 and VIX 18.85. Hourly cycles remain on the low/exhausted side, and there remains high risk of a Thursday snap higher. Metals remain weak, Gold -$9, whilst Oil has broken a new cycle low of $44.08, now -3.1%
*I'm pretty adverse to labelling/counting any of today's nonsense, not least since it is a fed day, which are notoriously unreliable.
So much for the 2019 low holding... oh well.
In any case, price action is still far stronger than yesterday, and as a few recognise, there remains the relentless threat of new highs in the very near term.
yours... resolutely bullish. (you can call it whatever you want, but I can't short this madness, with the monthly cycles still pushing upward).
updates into the close..........
3.20pm.. new cycle low 2014.. .approaching (arguably) support around 2012/10.
Certainly... no sign of buyers yet... Hmmm... VIX 19s.... a daily close in the 20s would be a real surprise.
3.36pm.. sp'2008... VIX +14% @ 19.65.... hmm.... things are getting more interesting. Even AAPL is cooling, now +6% in the $115s
FB +0.9%... ahead of earnings.. due at the close... will be one to watch... with implications for TWTR (-3.9%)
3.41pm.. Rats getting washed out now... sp'2005... VIX 20s
Momo stocks and energy... really having major problems this afternoon. FCX -5% in the low $17s.
3.48pm.. A pretty NASTY hourly candle.... sp'2001... the giant 2k threshold in imminent danger....
To those who were short (for whatever reason)... congrats... I sure read this one wrong.
... back at the close.. to wrap up the day.