US equities are battling hard to pull up and away from the rather scary Tuesday afternoon low of sp'1903. The hourly cycles are offering broad upside into the holiday weekend. VIX is naturally cooling, having already lost the 30 threshold. The 22/19 zone is viable before the next FOMC (Sept'17th).
So... all those proclaiming a collapse wave yesterday are now getting ground out of the market.
If Mr Market decides to interpret Draghi (ECB announce, 7am EST Thurs)... and jobs data as 'good news' then a weekly close in the 1970/80 zone is due. The 2000s look out of range until next Tuesday.
Yours truly remains long-AAPL
Opening candle is a black-fail, but a long day is ahead. I'm seeking an exit in the 113/115 zone.. before the weekend
*awaiting factory orders @ 10am... and then EIA oil report (10.30am)
10.01am... Factory orders 0.4%... not exactly inspiring for the macro-bulls.
sp +17.. 1931... so.. despite some chop... we're holding almost 1.5% above the Tue' low.
10.31am.. Oil inventories: 4.7 million surplus... vs last week -5.5... Oil -1.6%... not surprisingly
Equities have seen a little weak chop.. but still holding moderate gains. Price structure favours the bulls.