A rather fierce battle continues as the market is truly struggling to find a short term floor.
There seems HIGH threat of sp'1820 this week, not least with the R2K well on the way to the Oct' 2014 low of 1040.
Frankly, equity bulls had better pray 1040 holds. If we see a sustained break under there... well... wild days ahead.. it seems.
*I am on the sidelines... looking to launch another re-short.. preferably from the 1910/15 zone. Right now. .that seems more viable tomorrow morning than by the close of today.
As for sunshine...
|A bonus summer afternoon|
Ohh, and the 'super blood moon' last night... it was quite a sight in London city. Clearly, a sign the market will crash this week, ;)
A red candle... nothing bullish there.. with first resistance at the 10MA of 1989, a full 5% higher.
2.06pm.. A market short term floor.. if 2.30pm.. then a natural high would be tomorrow in the 10/11am hour.
Not that I'll trade such a prediction higher.. to me.. that would be crazy.
Default trade is short.. just a matter of finding an acceptable level.
2.15pm.. sp -49pts.... VIX 28s.. due.
Relentless grind lower.... prime threat of a turn in 15mins.
2.27pm... Well, its about that time of day....
Market trying to floor from sp'1980.. with VIX 28.15.
2.30pm... Its time for a turn............ sp'1884..
Best case bounce upside is now the 1900/1910 zone.
2.35pm.. If the market can close around 1895 or so.. that brings within range target zone for tomorrow morning.
Interesting that VIX shows near zero market panic.
2.38pm.. sp'1886.. looks like we're seeing first stage of a bounce.