2pm update - baby bear flag

US equities have clawed from a morning floor of sp'2044 to the hourly 10MA of 2056. Price structure is still threatening a secondary down wave to fully wash out the weaker bullish hands. A year end close in the 2080/90 zone still looks more probable than not.


sp'60min

VIX'60min

Summary

Despite the 12pt rally, price action isn't particularly suggestive we've floored in this wave from the Christmas Eve high of 2067.

Best guess.. 2040/38. A quick hit of the 50% fib @ 2036 would be fine from a bullish perspective, so long as Tuesday closes back in the 2050/60s.
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notable strength: DIS +1.3% in the $107s
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back at 3pm