2pm update - still waiting

The market is holding together after the minor morning washout, with the sp'500 set to close in the low 1700s. Whether the close is red or green, it would still seem a further wave to the prime target zone of sp'1715/25 is likely. Metals remain very weak, with Gold -$17


sp'60min

Summary

Clearly, if we break the lower channel..which at the close would be <1695, then its possible we've already topped out on this 7 week up wave.

As it is, I'm guessing no. One further push upward, and those sp'1720s look just about viable by late Wed/early Thursday.
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I remain...in no hurry.

*first downside..once I do get short, will be the rising 50 day MA...in the sp'1660/55 area.

That will suffice for an initial minor'1 lower.
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AAPL, remains an interesting one..not least with it having hit the 200 day MA today.

Perhaps another hit tomorrow in the 470/75 area..before a major fail/rollover, which would sync up with the main market.

1pm update - tricksy market

The hourly index charts are offering significant upside into Wed/Thursday. One further new high into the sp'1720s looks very viable. Precious metals remain weak, with Gold -$17. Oil is similarly weak, -1%, but will likely recover with the main market.


sp'60min

Summary

Any doubt now? It certainly looks like this was a sub'4 of a final fifth wave.

If so...we have general upside into tomorrow, and possibly early Thursday - when there is a sig' QE of $3bn.

The sp'1720s as an index short level..remain the target.
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*yours...wrapped up in ATX power/SATA cables. Urghh


VIX update



back later

12pm update - latter day recovery

The market has found support on the lower channel, that goes back 8 trading days. The micro-count would suggest a final wave higher into Wed/Thursday, although the sp'1720s look difficult to hit, even with a lot of QE 'benny bux' looking for a new home.


sp'60min

Summary

Yes, the declines are kinda interesting, but once again, we've apparently floored at the traditional time of 11am.

Lets see if the bulls can manage a flat/fractionally higher close, which would set up the 1720s tomorrow.
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As it is, I simply have no interest in getting involved in this nonsense right now.

'Tired of it', doesn't remotely cover it.
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VIX update coming....