12pm update - bears on the edge of another failure

The main indexes are holding moderate gains, and it would seem the bears are back to the same old problem of lack of consistant downside power. A weekly close in the mid 1680s or higher, will keep open the door to a 'shutdown/debt ceiling agreement' hyper-ramp into the mid 1700s


sp'daily5

VIX'60min

Summary

*VIX still holding the channel, but really, its not looking good for equity bears.
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The sp' daily chart probably sums up the situation better than anything.

Yes, we remain in something of a down trend/channel, but really, it is not very steep..and baring some news report to scare the market this afternoon, bulls are close to taking back control
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VIX update from Mr T.



..time for a depressing lunch hour of nothing.

11am update - messy end to the week

The market has managed a small ramp to sp'1687, with the VIX -4%, back in the 16s. Either the bears contain this today..or bulls can laugh themselves into the weekend. A weekly close >sp'1693, and the weekly charts will flip back to outright bullish.


sp'60min

vix'60min

Summary

*VIX is just about holding the up channel, but really, its not looking so great right now for those in bear land.
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Its becoming tiresome again, with no jobs data, no QE, not much of anything.

Market is merely waiting for the next sporadic news headline to flash across the wires
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Right now, a close in even the sp'1670s looks difficult.

10am update - morning chop

The main indexes are moderately higher, with the sp' making a play for the mid 1680s.  VIX is a touch lower, but still holding the mid 17s. Metals are very choppy, with Gold now -$7. Oil is holding gains of around 0.9%.


sp'60min

VIX'60min

Summary

*Bears should look to keep the market under the declining hourly 10MA - currently 1681. Any failure, and the 1690s will be open.

A weekly close >1693, would see the weekly charts flip back to outright bullish.
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A long day ahead...where we close..will probably be dependent upon any sporadic news headlines from the Obama/Boehner camps. No doubt, both sides will want to issue some kind of press release ahead of the weekend, if only to score a few more political points.

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well, market breaks upward..and now the next level is 1690.

The Twitter IPO listing is giving clown TV something positive to focus on. Forget the debt ceiling, the only issue is how many Twitter shares can we get our hands on!

*If VIX breaks <17...equity bears are going to start looking stupid again, not least yours truly.