12pm update - minor choppy Monday

It remains a very quiet opening to the week. The market is still stuck below the key sp'1474 high, but is certainly not showing even any moderate momentum to the downside. VIX remains in the lowly 13s, with the dollar a touch lower. Metals are higher, but really..its a day of..nothing.


sp'60min - retracements

sp'daily5

Summary

Late day weakness? With the VIX so low, you'd have to think the probability is more likely on a little weakness into the close.

Yet, there seems no power either way.

Perhaps a simple doji candle on the daily charts would indeed be the close fitting to start the week.

*I remain short, seeking the low sp'1440s later this week. Thats barely 2% lower, and it would seem, thats all the bears can realistically hope for.
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UPDATE 1pm

Market remains mostly dull..a few notable aspects..

BTU...breaking the rising trend..and showing renewed weakness today. Obvious target is $20..but thats going to be tough to hit, if the market only retraces to 1440..even 1425.

VIX remains flat...still waiting for a brief spike into the 16s

RIG, a black warning candle of a top...

A few days lower, before renewed strength into Feb/March? Probably

11am update - still quiet

Very slight opening weakness to begin the week, but there is an awful lot of corporate and econ-data for Mr Market to use as an excuse for a minor wash-out move lower. The VIX is struggling to hold 2% gains, but a close in the 14s (+6/7%) still seems reasonable to target.


sp'60min

sp'daily5

 
Summary

There is just a lack of momentum either way right now. Its already a little tiresome!
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I suppose the most entertaining thing so far today is AAPL...

A brief move into the 490s...and perhaps..if the main indexes do manage to retrace to 1440/25 by the end of this week, AAPL will have finally seen a wash-out move into the 475 area?

The stock remains surrounded by hysteria though, and we can already see the bull maniacs are trying to buy it up..if only for an intra-day trade.

10am update - Monday morning chop

Good morning. Mr Market still seems largely asleep after a quiet weekend. We're trading a touch lower across most indexes, but really..its all noise. Bears can't take any decline seriously until we are below last weeks low of sp'1451. and even then, we might easily only retrace lower to 1445/40.


sp'60min

sp'daily5

Summary

There is not much to say really, its relatively quiet. Considering the smaller 15/60min cycles, I'm really not expecting anything of today.

We'll probably close..flat.

Those who are looking for a retracement should look for at least a little strength in the VIX, which is +3%, but still in the 13s. Its a long way up..just to get to the 16 gap level.

UPDATE 10.20am... VIX is trying to break into the 14s.

A close over the daily 10MA @ 14.30 would be important