12pm update - bears battling

With sp'1709 now apparently the high, the bulls are fighting a losing battle in each of the bounces to come. First key downside target is the 50 MA, currently @ 1650. VIX is higher by another 7%, but we're still only talking about the 13s.


sp'60min

sp'daily5

Summary

Well, it does seem pretty clear now.

Market is exhausted, even the cheer leading maniacs on clown finance TV have come to realise it.
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So, for those yet to join the short-train, the only issue is finding a decent entry level.

As it is, I'm still inclined to wait. The hourly MACD cycle is VERY low, and with a sig' QE tomorrow morning..I'm just overly cautious.

Time for lunch!

11am update - short term floor

The main indexes are starting to confirm that the bullish wave from sp'1560 is very likely complete. With the near term support broken, the only other level to confirm a top is some price action under sub'4 wave.. <1675.


sp'60min

Summary

I'm tired of things today...

Certainly, who the hell wants to be short ahead of another damn $3bn QE tomorrow morning?
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I'll wait and see where we are then. Urghh

10am update - is that it ?

The indexes are down just a little, but the declines are arguably important. We have a rather clear break of rising support (which held yesterday), and the mood out there is increasingly weak. If the bulls can't claw back into the low 1700s later today, its very likely over for them.


sp'60min

Summary

Well, its now increasingly likely 1709 was the cycle peak from the 1560 June low.

Bulls should be desperate for a Wed' close >1700.

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I'm now waiting for a short entry, but considering the hourly MACD cycle, I'm in no hurry today.

Besides, we've still to see any real power on the downside yet.


*notable movers: MRO, -4% (was -8%) bad earnings?


10.01am... sp'1687...well, that looks pretty decisive now.

So..it looks like we have clarity, and now its just a case of finding a 'reasonable' entry.