12pm update - melting higher

The market is holding moderate gains, with the sp' on the border of breaking the 50 day MA for the second consecutive day. A daily close >sp'1625 will open up 1650/60s within the near term. For the bulls, this is simply 'normal service' resuming, with a huge QE tomorrow morning.


sp'daily5

Summary

Indeed, with low holiday volume, there is now zero possibility of <1600 this side of July'4..

Its just another pathetic bear failure.

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Reading around, its kinda laughable how much bearish hysteria is out there.

As I keep saying, despite the chatter, QE continues..IN FULL. Until that stops, the default trade is still on the long side.


VIX update from Mr T




Customers moving into Aug/Sept. July calls..pointless.


12.25pm..well, bulls have failed on another attempt to break/hold above the 50 day MA.

Hmm, a long afternoon ahead though.

Baring a close <1610, I won't be the least bit confident about tomorrow/Friday.

11am update - back on the border

Bears are again looking weak, and bulls are close to breaking above the important 50 day MA. A daily close in the 1630s, and it will once again wash away all those on the short-side. Considering the low volume, bears have little hope of anything this side of July'4


sp'daily5

Summary

Little to say, the levels are clear.

'white flag' territory is >1630. No serious/big money can be holding short if we break above that.
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Unquestionably, this market is back to bullish, baring a daily close <1600.

10am update - bears need to push

The bulls are still battling to clear multiple resistance in the mid sp'1620s, especially the 50 day MA @ 1624. The next few days is the prime opportunity for the bears to push the market back down. A weekly close <1600 would be the first soft target, but that seems unlikely today.


sp'daily5

sp'weekly7

Summary

*I will keep referencing the weekly'7 outlook, its what I will hold to, unless we break >1630s.
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Again, currency issues, and bond yields are back on the watch-list.

The euro break <1.30 is kinda interesting, but still, trading volume won't likely be much today, and even less tomorrow.


10.33am.. this is getting VERY annoying. We're damn close to the 50 day MA, and if the bulls break over that -as they did  yesterday, it'll be a very borderline situation.

Bears MUST push this nonsense lower, with a red close.

Otherwise, next level is 1650/60s. within 3-5 days.