sp'60min
Summary
*closing hour, bears ground out... with a clear move above the 50% fib retrace (from 2119)... and the daily 10MA of sp'2074
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So, a bullish start to the weak.... but price action/structure looks much like last Thursday. Another failure at these levels for the bulls would open the door to a rather swift decline to the 200dma.. which is currently all the way down @ 2004.
In favour of the bulls...
Daily close above 10MA of 2074
Price structure is bullish F flag.. bodes for Tue/Wed gains into the 2090/2100s.
Bears...
VIX held up 'relatively' well today -3% in the mid 15s.
Oil remains weak
USD was sig' lower by -0.7%.. which would account for at least some of the equity gains.
Overall, unless Yellen says something really stupid (not least about interest rates),spooking the market this Wednesday... bulls are back in control.
Unless bears can break under sp'2060 by the Tuesday close - with a F flag failure (like last Friday morning)... there is little hope for those already short.
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more later... on the VIX