sp'60min
VIX'daily3
Summary
Classic reversal candles all over the place... with a black-fail on the VIX hourly/daily cycles. Utter failure for the bears.
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Despite the open... bulls need a daily close above the 50dma (sp'2073) before they can get confident that the mid-term trend is turning back upward.
Best guess.. bulls fail to close >2073... with renewed weakness across this week. It remains notable that the Transports looks particularly ugly.
We have a long week ahead...
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Notable strength: TSLA +4.7%.. as the shorts get burned
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10.01am ISM/PMI service sector data both came in 'reasonable'... certainly, not reflecting the recent recessionary Chicago PMI.
... so far... no one wants to buy above sp'2070.
There are a LOT of black-fail candles right now.. including energy. In many ways... equity bulls are getting an opportunity to make a run for it.
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10.28am.. sp'2075... taking out the short-stops at the 50dma.
Now its a case of ..close above.. or below. Any close much above 2073 negates any further downside hopes.
Is it time for Greece to issue another 'give us money or else' headline?
10.31am.. A 22pt (1.1%) swing in the opening 60mins of the trading week.
Market now at hourly resistance zone... 2078/81.. Hmmmmm
10.36am.. VIX is making a play to turn back upward.... with sp'2079...
VIX weekly cycle is offering something interesting.. but more on that later.
TSLA +7.4%.. but starting to cool... as the shorts have mostly all covered.