11am update - even the 2050s look tough

With a new cycle high of sp'2104 - a mere 30pts (1.4%) from the May'2015 high, the equity bulls remain in control. Even if the market can somehow cool to the gap zone of 2065/61 by the Friday close, further weakness to the 2050s before end month looks tough.


sp'60min

VIX'60min

Summary

From a pure cyclical perspective, we're set to cool into today's close.. and across much of tomorrow.

However, broadly, it remains a case of higher highs.. and higher lows. Until that series is broken.. bears can't get remotely hopeful.

Right now.. the best the bears can push for is a weekly close in the 2060s. It'd make for a net weekly decline of almost 1%.. but still... the bulls could justifiably STILL call the week their own, as they achieved another set of multi-month highs.

The more I look at recent price action, the more I see the recent low of sp'2033 as very important to give ANY bearish clarity.

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Here in London city...

Despite the market, at least I have some decent sunshine today.
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time to cook