11am update - set to claw upward

US equities have so far seen a morning low of sp'1891 (with VIX 22.93), but look set to claw upward into the weekly close. Yes, we're still set for a somewhat significant net weekly decline, but overall...  current price action still favours the bulls for next week. The 1960/80 zone remains well within range.


sp'60min

sp'weekly1b

Summary

*rising support in the 11am hour will be around 1885.
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So..yes, a net weekly decline is due... but it is also notable we broke a new cycle high on Monday of sp'1947.

Call it a B wave retrace, a sub 2, or a Y down. Whatever you want to call it... we've seen a rather natural retrace of the wave from 1812/1947, and we're set to climb higher next week.

In theory.. a break >1947 should offer another 1.5-2.0%.. . and that will get us to target.
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Here in London city...

Not exactly inspiring, but then.. overall, its been an okay week.

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time to cook
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11.30am... marginal break of rising trend... but still, I can't take the current declines seriously.

VIX is +6% in the 23s... which really shouldn't inspire the bears much.