12pm update - a bit choppy

Market certainly starting to appear a little tired.

The dow and Rus'2000 have broken above what I'm guessing are bull flags on the hourly chart, the sp' is still lagging a bit. Maybe it'll catch up late today/early tomorrow.


sp'60min

Summary

Considering the MACD cycle on the hourly, I'm going to wait until tomorrow for a re-short. There is no hurry, whilst we're still in the 1430s. Besides, the daily cycles are still crusing comfortably higher. There is NO sign of a turn yet, especially on the transports which is looking pretty strong still.
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sp'1445 is still prime target. I suppose we could briefly hit 1450/60 on some kind of crazy QE hysteria spike this Thursday, but thats 'best bull case', and somewhat unlikely.

I'd really like to short ahead of the Bernanke tomorrow, anywhere 1440/45 would easily suffice!

So...I wait.

Back at 2pm.

11am update - market battling higher

Everything is on track still, a move into the low 1440s seems very likely.


sp'60min

Summary

The good bears should be patiently waiting for the 1440s, which could indeed be hit later today.

From a MACD cycle point of view, we are certainly due to keep rising all the way into the close, with a possible minor gap higher tomorrow morning.

10am update - need a break over 1435

A somewhat mixed open, nothing much either way, but if we can break back over the hourly 10MA of 1435, then we should have a chance of 1440s by late afternoon.


sp'60min

sp'daily5

Summary

I'm focused on the MACD cycle, looking for at least 4-6 hours up, but it could be considerably more.

Until we're in the low 1440s, no point shorting..yet.
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stay tuned !