sp'60min
VIX'60min
Summary
It remains an increasingly tedious borderline situation.
Clearly, any break <2053, and we see increasing weakness into the weekly close.
However, current price action is broadly choppy, and that favour the bulls.. with another push higher next Mon-Wed'.
RE: waves... I could stick all manner of labels on the action since sp'2111.. but most of you could see a clear '1 down to 2039.. and we're in a viable wave'2 UP, ABC/123 wave higher to the 2080/2100s, before a stronger push into end May.
--
Right now, I'm inclined to renewed upside, but I've low confidence in that... as we're only 0.3% from breaking soft support.
-
notable weakness... oil, USO, daily
Yesterday's black-fail daily candle in the WTIC $46s is somewhat bearish.. and we're certainly cooling a little today.
Who wants to be long Oil, or buy energy stocks at these levels?
--
time for some sun.. or rather.. mostly cloud.
1.30pm... sp'2054.... fractionally interesting... VIX sure reflect ANY concern though, +1% in the 14s.