3pm - closing hour breakout?

With one trading hour left, the market is still holding onto effectively all of the gains. A close >1436 would be extremely bullish. Right now, bears can only 'hope' for something <1427. Despite the uncertainty of the election, VIX is 6% lower, and showing no sign of levelling out.


sp'60min

sp'daily5

Summary

A rough day in bear land, there can't be many left to be short-stopped out now.

Bulls are starting to get more confident about a post election super ramp into year end, sp'1500/50 is within their sights.

Weekly/monthly charts are still suggesting weakness, although that signal will vapourise if we get a few closes >1440/50.

A long night ahead, and as many realise, there may be no clear result for some days..even weeks.
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More after the close.

2pm update - maxed out at resistance (again) ?

Mr Market is holding onto gains of around 1%, an election day rally, one to reassure the voters that financial markets are both stable..and strong.


sp'60min

sp'daily5

Summary

With two hours to go, lets see how we close. There sure doesn't feel like there is any downside momentum right now, but across the previous 7 trading days, we've seen 5 such rallies fail.

Until we get a daily close >1445/50, it remains a bear flag on the daily chart..and those weekly/monthly cycle charts all suggest underlying weakness.

As ever....good short-stops will be useful for anyone still on the bearish side of the fence.

back at 3pm

12pm update - its still a bear flag

We're seeing a lot of the weaker bears getting short-stopped out, and a few bulls are starting to chase this market higher. Volume (I believe) remains relatively light, as most of the bigger players are content to wait for clarity into tomorrow.


sp'60min

sp'daily5

Summary

We're back at the old resistance zone of 1430 again, bulls would most certainly be seeking a close around here.

I can understand those bears who are now fearing a mega post-election ramp into the 1500s. It is viable, we'll know if we get a close >1445/50 later this week. Yet, the daily charts are still sporting clear bear flags, and until we break significantly above them, they are still...bear flags.

I'll be glad when this election uncertainty is over with. Its really starting to annoy me.

time for lunch, back at 2pm