10am update - morning chop

Very little happening, VIX is flat, remaining in the lowly 15s.

A market of no volume..and no fear, with the occasionally algo-bot going insane. Great huh ?


sp'60min

Summary

Only a break into the 1340s - some 4% lower, would start to reverse the bigger up trends.

Its really starting to look like there is no point trading this nonsense until after we get past the labour day holiday.

Come back September 4'th?

Pre-market Brief

Good morning. Futures are marginally lower, sp-2pts, we're set to open around the big 1400 level. Futures overnight were as high as sp+6pts. All minor moves though, it has to be said.

Weekly jobs data: 361k vs 367k consensus.


sp'60min

sp'daily5

Summary

The broader daily  trend remains very clearly up..and is now supported by rising weekly and monthly cycles. The hourly is a clear wedge within a wedge...a break to the downside seems likely within the next day or so.

First target would be 1380 by next Monday.

As noted on the hourly chart though, bears have to see a break below the recent low of 1354 to put in a lower low - something we've not done since the June low of 1266.

Good wishes for Thursday.

Daily Index Cycle update

Very minor moves in the main indexes. Both the transports and Rus'2000 index again showed slight weakness again.


IWM (representing Rus'2000 small cap)

Dow

Transports

Summary

Very minor moves today, essentially low volume algo-bot chop.

There are wedges within wedges, so I can understand that some are getting very bearish into the tail end of this week, but there just doesn't seem to be any underlying sellside action/momentum. We couldn't hold a 5pt drop at the open for more than an hour.

From a MACD (blue bar histogram) cycle perspective, there is NO sign of a turn, or even levelling out yet. At the current rate, there is no chance of a clear rollover in progress until next week.

As I keep noting..the bears need a catalyst to get any major down cycle underway. So far as I can see, there is nothing apparent in the view field. Where do those black swans live anyway?

Goodnight from London