11am update - indexes want to turn green

We're only 90 minutes into the trading day, and already the opening declines have been almost entirely negated. The market looks set for minor gains into the late afternoon, with a more substancial wave higher tomorrow. VIX similarly looks set to turn red.


sp'daily5

Summary

For those getting overly excited about the opening declines, today is indeed already starting to get annoying.

Zero reason why we won't close moderately higher, and the sp'1720s look very viable tomorrow.

The only issue is whether that will conclude the nonnsense since the 1560 low of June'24. A great many things would suggest..yes.
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Interestingly, the R2K looks VERY close to maxing out..another 1% will be tricky to attain, even if the headline indexes (Dow, SP) are 1% higher tomorrow.

The R2K short target would be 1065/75...down to 950/925 by mid September.

10am update - same old issue

The equity indexes are moderately lower, but as ever, there is absolutely no reason why such declines will be sustained. Low volume algo-bot melt looks likely into the late afternoon, with significant probability of upside across Tuesday. Near term target remains sp'1715/25.


sp'60min

Summary

Quiet start to the day, and I am indeed wondering if August is to be written off for the bears too ?

The micro-wave count would suggest we max out tomorrow, but what is going to motivate the market significantly lower this month? Will it simply be exhaustion from the sp'1560 low?


Weekly charts are again a touch weak, with a blue candle to start the week...

The thing is, in most previous cycles, we'll have 4-6 blue candles of 'chop' before an actual break down. So, it might be a frustrating August.

As ever...one day at a time.

*I am content to sit back until late Tuesday morning, and see where we are then.

Pre-Market Brief

Good morning. Futures are a touch lighter, sp -3pts, we're set to open at 1706. Precious metals and Oil are both moderately lower, with Gold -$2, and Oil -0.8%. Market looks set to consolidate for a little, before another lurch higher on Tuesday.


sp'60min

Summary

Well, this was always a key target week for a cyclical turn. Now, it may only be the start of a small multi-week down wave of 6-9%, but still, that would be something for the bears to get involved with.

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As for today, I'm certainly not expecting any significant declines today. We might even close a little higher again.

What does matter though, Tuesday sees a a major QE of $5bn.

I will be waiting for that to be done before I'll considering shorting the indexes.
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Eyes on AAPL, it will be testing the 200 day MA this week, and a failure would sync up well with the main indexes similarly maxing out.

As ever..more across the day!