sp'60min
Summary
*closing hour action: continued micro chop
--
Well, a third day of price chop.. but with continuing underlying upside.
I can understand why some might already be scaling into market-shorts, but for now... there is zero sign of a trend change.. as particularly reflected on the bigger daily/weekly charts.
The ultimate issue remains whether the market will see a strong reaction around the 200dma. Right now... equity bears look to have a real problem. The market will have two (ECB/ FOMC) excuses to keep on pushing higher into November.
Aside from some individual stocks, this is no market to be short.
--
more later... on the VIX