11am update - bears are still weak

The market is holding moderate declines, but like the previous one thousand trading days, there is little reason why the bulls won't manage a latter day rally. Precious metals and Oil remain somewhat weak, despite the probability of QE-taper this Wednesday effectively zero.


sp'60min

Summary

There really isn't much to say, other than the bears have again managed morning declines, but...why will we not rally into the afternoon, as we have so many times before?
--

Still no significant power on the bear side...sp'1710/20s still the target.
-

*I'm still long SLV, but if it breaks <19.00...I get the boot.
-

Notable movers so far today, AAPL and FB, both significantly higher, and that doesn't bode well for those equity bears looking for downside into the Monday close.


11.28am... possible inv H/S setting up...more clearly seen on the 15min cycle....

bulls MUST hold 1680...I'm guessing they do.

10am update - upward pressure

Despite a slightly weak open, the underlying pressure remains to the upside, with the main indexes already close to turning green. Bulls still look set for the sp'1710/20s this week. VIX hourly chart is offering a classic black-fail candle to start the week.


sp'60min

vix'60min

Summary

It really doesn't look good for equity bears, not least with a $3bn QE-pomo due to kick in this hour.

A close in the low sp'1700s looks very viable by the close of today, and that should open up another 10-20pts across Tue/Wednesday.
-

Precious metals look choppy..

SLV needs to hold the 19.00s at the close of today. Hourly pressure is currently in favour of upside.

Pre-Market Brief

Good morning. Futures are a touch lower, sp -3pts, we're set to open at 1688. Precious metals and Oil are slightly higher, with a fractionally stronger USD. Market will no doubt be focused on a very broad array of econ-data later this week, along with another FOMC.


sp'60min

Summary

Today will likely be the quietest day of the week, things really don't get going until tomorrow.

Considering the price action last Friday, we'll surely close higher today, and with QE of $3bn, the bulls could manage their first close in the sp'1700s.
--

*I am still long SLV, and seeking an exit later this morning. I'm certainly looking to short the indexes, but no earlier than Wednesday morning, and preferably in the sp'1710/20s.
--

9.04am... and the metals break to the downside. Hmm. Hourly charts are still suggestive of broader gains as the day progresses.