3pm update - daily trends starting to turn

With a series of negative stories piling up, the market is under increasing pressure. The repeated failure to clear the 50 day MA is posing a real problem for the bull maniacs, and with the break <sp'1610, the daily equity/VIX trends are starting to turn.


sp'daily5

vix'daily3

Summary

So....with the failure to keep pushing higher, the bulls are surprisingly already in danger of losing the big sp'1600 level.

I don't expect a daily close <1600, but it sure now looks viable early tomorrow, although there is that huge QE-pomo to be cautious about.
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Oil..almost breaking $100...bullish economy?


3.24pm  Queen cheerleader on clown TV  '..we're off the lows'. 

3.34pm.. sp'1608...hmm,  a shame we're not getting a close <1600, but an overnight futures gap down will easily do it.

1590s should offer 1570s by Friday, but that really is 'best bear case'.

2pm update - stories upsetting the bots

A series of little news stories are continuing to pressure the market, and the 50day MA has again held. The daily candle is now the second 'spiky' one in as many days. A daily close <sp'1610 would be a real 'bonus' to the bears.  VIX is close to going positive.


sp'daily5

Summary

So..Merkel is in a mood, Portugal bond yields are starting to ramp, and Egypt is all set for some socio-political turmoil across Wed/Thursday.

A good time for the US market to be shut.
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A red close would really help the bigger bearish case, although until we're <1600, can't be confident.
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2.14pm.. market SNAPS..to the downside.

Now we'll really get to see who wants to stay long! 


VIX..positive...a multi-week floor might finally be in.

Equity bears should be looking for the 19s, by the Friday close

1pm update - still holding under the weekly 10MA

A small wave lower - due to comments from Merkel on the Greek (continuing) bailout. Yet, we're a mere 4/5pts from a daily close above the important 50 day MA. Even more important though, the weekly 10MA of 1628, so far..still holding the line.


sp'weekly7

Summary

It remains a market swayed by minor news story..after story.

What should be apparent though, we sure don't have any red indexes yet.


1.40pm...indexes going red. Bears should seek a close <1610, below the morning low of 1613.

At least there is some kind of price action today!