3pm update - another weak closing hour?

US equity indexes are holding moderate gains, with the sp'500 above key resistance. The smaller 5/15min cycles are offering a minor snap lower into the close. Equity bears should be desperate for a daily close <sp'2115.. if not <2110. Metals and are both weak, despite the cooling USD.


sp'60min

VIX'60min

Summary

*incredible market complacency -as reflected in the VIX.. as Greek remains close to the edge.
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We have an interesting closing hour ahead...

A daily close <sp'2110 would keep open the door to a washout in the low sp'2080s before the next wave higher (into FOMC of June 17th).
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Fed official Bullard (the one who helped mark the mid Oct' low) is holding a press' conf at 4pm.
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3.05pm... In theory.. a daily close of 2105 is viable.. esp' supported on the smaller 5/15/60min cycles.

Will the bears show up?  From a pure cyclical perspective.. the setup is near perfect.


3.18pm.. a touch weakness @ sp'2114....   Hmmmmm.   Eyes to the VIX !

3.20pm.. The more important hourly cycle set to turn negative at the Thursday open...  certainly favours the bears.

.. seeking a daily VIX close in the low 14s.