2pm update - weekly charts looking tired

The main indexes are holding moderate declines, and despite an expected little more upside in the near term, the weekly charts are starting to looking particularly tired. If sp'1710/20s are hit later this week, the market will be well over-extended.


sp'weekly8

Summary

A long week ahead, but for the bears out there, the current candle on the rainbow chart is indeed a blue one, the first bit of weakness since the June'24 low - as seen across a number of indexes.

I'm still assuming a little more upside..before the reversal though.

Plenty of econ-data this week to give the market an excuse to ramp, never mind the 'we won't taper' FOMC.


AAPL, nothing bearish in the near term...

Indeed, a hit/test of the 200 day MA in the mid 470s looks a given.

1pm update - latter day recovery

The main indexes are still moderately lower, but the bears look powerless to muster any more downside today..or even tomorrow. A possible inv. H/S formation is offering the low sp'1700s within the immediate term.


sp'60min

Summary

Not much to add, aside that it does look we'll rally into the close. Best case for the bulls....a Tuesday gap higher..right into the 1700s, which will open up 1720s for FOMC Wednesday.
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VIX update from Mr T.



Clearly, very few are seeing imminent threat of significant VIX upside.

12pm update - minor down cycle complete

The bears look exhausted after another minor down cycle. Once again, we look set for latter day ramp, with the mid sp'1690s very much viable at the close. Metals and Oil are recovering, and look set to close moderately green. VIX appears to have maxed out at 13.86


sp'15min

sp'60min

Summary

A rather clear inverse H/S (not labelled) on the 15min cycle. Bulls merely needed to hold 1680..and so far, looks okay.

I've added a micro-count to the hourly charts, seeking upside into at least early Wednesday.

Target remains sp'1710/20s.
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time to shop...and then lunch!