3pm update - no real downside power

The main indexes are moderately lower, with the Tuesday sp'1784 low being broken. Next soft support is in the 1780/75 zone. Metals remain weak, with Gold -$28, and Silver -2.4%. The USD is +0.5%..and that is no doubt pressuring everything lower.


sp'60min

Summary

As ever..the fed often makes a mess of the market..and we're seeing some moderate downside.

The price action though..just doesn't look that bearish.

Baring a break under sp'1775, I can't take this afternoons little wave lower seriously.

I'm calling this decline....



a fake!
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*I am content on the sidelines..having dropped SLV-short...now almost 20 cents lower...urghhh
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3.08pm  Hmm, there goes sp'1780....5pts left for the equity bulls...then it becomes a problem.

3.12pm.. VIX +2%.

Hey..equity bears...what does the VIX tell you?

*clown TV host getting overly excited about the Dow -90pts..... .what a fool!


3.19pm.. equity bulls should seek a close >1783...that'd make for a nice spike-floor.

Metals look floored..but hey..I thought that an hour ago.


3.25pm.. bears getting the first warning to 'get the hell out'.....

There can be NO EXCUSES.

Sig' ramp viable tomorrow..and into the weekend.


3.29pm.. another spike-top on the VIX hourly....bears getting another warning.

no... excuses!
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3.38pm.. bulls should still aim for a close in the 1780s...pref. 1783.

VIX only +1%.... I think the VIX is telling the story.


3.43pm..spike-floor....forming....bears in dire trouble now.

3.54pm... market holding together.. vix suggesting 'nothing to worry about'.

back at the close !

2pm update - time for more fed speak

The main indexes are holding moderate gains, with the sp' at 1790. A daily close in the 1800s is very viable, as supported by the hourly cycle. Equity bears need to be mindful, even if a brief spike lower into the 1770s in this hour. Metals remain...weak.


sp'60min

SLV, daily'3

Summary

well...lets see how the algo-bots interpret the latest press release from the money printing maniacs.
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As ever...will probably take a full hour to be clear on which direction the market wants to eventually take.

...standing by.


2.04pm... micro-spike lower...but we'll surely close much higher.

Metals..weak...look vulnerable into tomorrow.


2.08pm.. clown finance TV resorting to the same nonsense talk about Dec' QE-taper.

Absolute...idiots!

Metals sure are twitchy..not easy viewing. I will hold short...into Thursday.


2.14pm...hmm, the Tuesday low..being broken... interesting..kinda.

2.18pm..short-stopped out of SLV...19.28...

I'm content with that...will re-short on any bounce tomorrow.


2.21pm..indexes still look prone to a 'dumb ramp' into the close.

*I am indeed out of SLV- short...not a bad exit..I will most certainly look to pick it up again..if it is higher tomorrow morning.

One reason I was getting VERY edgy..we're approaching the typical turn time in the day of 2.30pm


2.33pm.. well, we're at that magical time of the day...often a turn.

I'm calling a floor in the metals..at least for today...

SLV, 5min.

Viable upside to 19.50/75

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2.40pm.. black-FAIL candle on the VIX hourly...

equity bears...beware.

1pm update - holding moderate gains

Equities are holding moderate gains, with the hourly index cycles offering significant risk of upside into the close. Metals remain weak, and highly susceptible to an afternoon snap lower. The ECB looks set tor negative interest rates....thats bullish...yes?


sp'60min

Summary

So..an hour to go until the next Fed press release. From a pure chart perspective...we're likely headed up...target zone is 1810/20s.
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notable mover.. TSLA.

Target remains 110/100. A sig' bounce off the 200 day MA is very likely.