3pm update - weakness into the monthly close

US equities look set for further weakness into the daily/monthly close. It has been a hell of a month for the equity bears, with the giant monthly cycles offering the first sign of an intermediate correction (of the Oct'2011 wave). Meanwhile, Oil is holding powerful gains of 7.4% in the $48s.


sp'monthly3

sp'60min

Summary

*note the bollinger bands on the hourly cycle which have now contracted. If you assume 1993 is indeed a short term top.. the bears should be able to manage 1945/30 zone within the next few days.. BEFORE the monthly jobs data.
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With grey skies in London (for what seems like 15 of the last 18 days)... I'm not in the best of moods.

As August comes to a close... equity bears have seen the best action in four years. I continue to have hope that once we're past the next FOMC (Sept 17'th).. the market will resume lower.. with a FULL washout into early/mid October.

Best case remains the low 1700s..  but I realise that seems awfully difficult.. even after last week.

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*I remain on the sidelines.. with eyes on AAPL. I want a long entry <110... for now..its the waiting game.

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back at the close... unless things get a little exciting with a break under the morning low of sp'1965.