12pm update - seeking a rollover within a day or so

The daily charts are pretty suggestive that we could see a definitive rollover within the next day or so. Of course, it will be highly dependent on what the FOMC announce later today, and the Friday jobs data.


sp'daily5

VIX'daily

Summary

Choppy trading likely until 2.15pm...when it will all go full-moon crazy until the close. We could easily ramp.with a quick fail...or just fall off a cliff.


Special point of note:

Lower channel on the daily is 1340 - by this Friday. So..if we can somehow magically close in the 1330s by the Friday close, that would be very exciting for the bears across the weekend.

A 43pt drop by the Friday close IS viable.
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11am update - algo-bots gone wild

Many will be aware of the giant 'sell ES mini contracts' order at the close of yesterdays trading. Well, this morning it seems we have algo-bots going crazy again.

Zerohedge highlighting this mornings opening madness


sp'60min, rainbow

VIX'60min

*VIX still holding over the hourly 10MA.


Summary

We remain in a clear bull flag. Far worse though for the bears, look at the MACD cycle, the cycle floored yesterday and we're already crawling back up.

Its gonna get real messy at 2.15pm today.

10am update - mixed open

The opening gains are starting to fade already, but..it is a fed day, so nothing is even remotely reliable. Lets be clear, we are still holding in what is a bull flag. If Mr Market does like what the Fed has to say, a brief move to 1395/1400 is viable by the close.


sp'60min

Summary

VIX is already green..which is kinda important to note whilst market still holding onto small gains.
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None of the intra-day action is to be trusted until after 3pm.

*notable moves so far... metals getting whacked lower, and FB..still on the slide.