The market continues to push higher, now filling the gap in the sp'1625 zone. There is empty air above 1630, and if the bulls can close well today, then its game over for those on the short side. Despite the chatter out there, QE does continue...in full.
sp'60min
sp'weekly7
Summary
Its a pretty clear situation.
Any daily close >10MA on the weekly..1628/30..and its over. All hopes of further down moves can be thrown out, at least for some weeks, if not..months.
The market begins Q3 much as it began the last 16 or so quarters. .bullish. Despite the economic reality, the 'everything is okay' mainstream delusion continues. Bears should be frankly..terrified of today's QE..and even more so..the Wednesday one.
sp'60min
sp'daily
Summary
A dismally disappointing start to the week...and indeed, the second half of the year.
Any break >1620, and the door is open to a close in the 1625/35 area. That in itself would offer the bulls their second opportunity to take out the 1687 high.
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Any daily close in the 1630s, and it is surely a case of 'sell/cover' shorts at any price.
I can only hope there is a 'holiday reversal'..as is often the case. Weekly charts remain on 'neutral'..baring a close >1630.
10.13am..well, there is the gap-fill on the sp'500.
Only now is whether we see a reversal..or if the bulls can manage a daily close >1630.
If the latter, then its game over for the bears...and that would include me.
Good morning. Futures have swung around overnight, and sp' is currently +8pts, we're set to open around 1614 . There remains a clear gap fill zone in the 1625 area, but worse for the bears, there is major QE-pomo, both today, and on the shortened Wednesday session.
sp'60min
vix'60min
Summary
For the bears, this looks to be a pretty bad start to the week.
I suppose we could see a late morning reversal, but why would we? Everything is 'fine again', right?
Bond yields are cooling down a bit, and that will give the cheer leaders on clown finance TV all they need to get hysterical in this holiday week.
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*I'm heavy short from sp'1601, underwater, and considering bailing for a sig' loss on the next micro-down cycle, later today..or early tomorrow.
Frankly, its all turning into a real mess again for the bears.
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Video : Oscar is not surprisingly, now talking about a holiday reversal.
I just don't see one happening, with the two large QEs
9.34am..well, as I feared, there is little reason why this nonsense is going to fall.
..and the QE ain't even arrived yet.
Worse case..a Monday close 1630s...and then maniacs will make a play for 1687 within a week or two.
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