After a touch of early weakness, the broader trend from the Tuesday low of sp'1903 continues. There is natural hourly upper bollinger band resistance in the 1980/85 zone. A daily close >1990 will be more likely after the 3 day break. Metals remain weak, Gold -$7
Little to add.
What should be clear.. regardless of any sporadic down waves... this is no market to be short right now.
AAPL is struggling relative to the main market.
... although nowhere near as bad as NFLX.. there are real problems in that stock this week.
Note the flash-print to the $85 gap zone... with an even lower target for next equity down wave.
special note... at the current rate of increase, the daily MACD cycle for the sp'500 will turn positive late tomorrow/early Tuesday.
At that point, there is a viable 3-5 days of 'likely upside'... if with the occasional moderate down day. It is why I am looking to hold off on market shorts until FOMC week itself.
I see no hurry right now... not least with a long weekend ahead.
11.16am.. Market due a down wave into 2pm... from sp'1975.
AAPL remains especially weak... the 110s look viable. I shall consider that.
Clearly, a break under the 1903 low would be a critical warning, but I really don't see that as viable.
11.41am.. Just another natural micro down wave.... and no doubt.. some of the bulls are getting a little unsettled.
NFLX -3.2% @ $102.... not pretty