1pm update - did we close yet?

Another day of virtually nothing. Hourly index charts offer potential minor downside in the late afternoon, but that is usually when the algo-bot ramp will kick in. Urghh !


sp'60min

VIX, daily

Summary

Truly tiresome, and it seems like months since we saw a 1% index decline. Well, it was really just over 3 weeks ago (Friday Dec'28), but it sure feels longer.

VIX continues to flat line, surely we'll get back to the 16s soon?

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How will IBM close? A close under the opening gap would result in a somewhat bearish black spiky candle.

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There is increased talk about Gold getting stuck at the 50 day MA. Certainly, I think we still see a final fifth wave lower..before a major move higher into the spring.

GLD, weekly2, rainbow

back at 3pm

12pm update - sleepy lunch

Market seems to have lapsed into sleep mode. VIX is flat lining. The only marginally interesting aspect is that the metals are offering a possible rollover in the coming few days. 


sp'daily5

vix'daily

Summary

Another tiresome day of...largely nothing.
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VIX daily MACD cycle IS still ticking higher. If we're going to see at least a little spike higher, then it'll more likely come Friday/early next week.
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GLD, stuck under the 50 day MA

A fifth wave lower, before major up into the spring?

11am update - hourly cycle ticking lower

A minor wave lower is underway, but first support is some considerable way lower. Bulls have phenomenal buffer zone on the downside before any damage is done the current up trend. Even the much touted retracement - as low as sp'1440s, would do nothing to the disturb the current trend.


sp'60min

trans'60min

Summary

Certainly, its nothing remotely significant enough for any bear,, and as we've seen for the past 3 weeks, late afternoon is usually 'algo-bot melt up time'.

Metals appear stuck, especially Gold, a fourth day stuck just under the 50 day MA.
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*VIX is similarly trying to build a floor, with the 16s, a good 25% higher.