1pm update - afternoon slumber

Market back to churning sideways again. The algo-bots might easily wish a close just a over 1380.


sp'60min

VIX,60min

Even 18.50 looks out of range right now for todays close


Summary

I'm still not expecting anything, a flat close would make for a perfect doji candle..and sets up tomorrow for the first opportunity to see something significant. As noted earlier though, even sp'1360 would be a normal retracement in what is currently a strong up trend.

12pm update - so far..its still noise

A minor cool down after the nonsense of Thursday and Friday. Yet..so far, its all irrelevant noise. Even a move to 1360 would make for just a normal retracement.

Any doomer bear out there needs to see a weekly close <1325 to get justifiably excited, and right now..that provisional sell-signal level is a long way down.


sp'60min, rainbow

sp'daily5

Summary

Bears should seek a close under the hourly 10MA of 1380, even that won't be easy though, since we'll more than likely level out in the next hour or so.
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No significant down moves to be expected until Tuesday at the very earliest.

11am update - RSI 76..kinda high

The hourly index charts are very high on the RSI. This is obviously not the best of times to be adding to existing long positions.


sp'60min

Summary

Look to the left on the hourly chart..the last time we were above RSI 70...see what happened across the subsequent 5 days - a fall of 50pts from 1375 to 1325.

Tuesday will be the start of more dynamic action. Today...we look set to close flat..look for a nice doji candle on the daily charts!