Closing Brief

Mr Market had a somewhat flat and dull Monday, largely as expected.

The hourly closing index cycles...


IWM

Dow

Sp

Summary

As expected essentially a flat close. Tuesday will be much more dynamic. A move as deep as the low 1360s is viable

Notable move of the day, VIX +7%. I suppose that is something for the bears, and might be the very early beginning of a major VIX leap over the recent high of 21
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On what is a sleepy Monday..here is something to close the trading day... (a little..fun from RT TV)

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.