12pm update - Dow fighting for the 16000s

The mighty Dow is fighting hard to re-take the 16000s. However, equity bulls sure don't have to close in the 16000s...the onus is on the bears to break the bigger trend..which remains to the upside. Arguably, today is day'1 of a new up wave...that might take us into year end.


Dow' daily

VIX,daily3

Summary

*It would seem certain the VIX 8 day climb is over. A weekly close..somewhere in the 14.50/13.50 zone.
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We have a text book back test of the old resistance...now support on the Dow.  I can't think of a clearer example in recent years.
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VIX update from Mr T.



time for lunch :)
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12.26pm market holding the sp'1800s...the idea of a swift reversal from the low 1800s..is now off the table for today...if not...completely.

Notable mover: STX (seagate). +1.9% in the $50s


12.43pm.. Dow making a play...for 16000...bears on the run. 

11am update - bearish growls of pain

The main market is holding much of the opening gains, and with heavy QE today, what sell side volume there is..is going to be largely negated. Equity bulls should be content with a weekly close above the bull flag line of sp'1793. Metals are holding gains, Gold +$7.


sp'60min

Summary

So..what now?

There remains a chance this is merely a wave'B...with a C' that will last most of next week.

Problem for anyone short this...if we close today at least >1793, there is further sig' upside potential across Mon/Tuesday.

All things considered, the Dow daily/monthly charts should scare the hell out of the bears. They continue to warn of major upside into the spring, Dow 17000/500.
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As the sun sets..over the city of London...



stay tuned..

11.13am... a weekly dow close in the 16000s will be decisive enough to confirm much higher levels.

Indeed..a successful back test of the old resistance now a floor...classic text book.

I don't think I've seen a clearer example for a main index in quite a few years.

10am update - the snap higher

The market has already broken into the sp'1800s, and with very heavy QE today, the bulls have just about everything on their side. A weekly close >1806 would be a net weekly gain, and that would really crush  the bears into the weekend. Metals gaining, Gold +$7. VIX -7%..having lost the 14s.


sp'daily5

Dow, daily

Summary

*Dow...classic back test of old resistance..now support.
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Rather than get lost in the minor noise..I think the daily charts are more important.

We have a very clear bull flag formation..and if we can close today in the 1800s, that is pretty bullish for next week.

Lets be clear..a weekly close of 1806..would be extremely bullish.

*Monthly charts offer Dow 16500, sp'1840s...this month.
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Notable strength in BTU...confirming the move  yesterday...

A very good company..I'm a real fan of that one!


9.56am.. consumer sentiment comes in at 82...another good data point for the bull maniacs.

I'm finding it increasingly hard to believe this wave won't hold..and build into next week.

Tough day for the bears... VIX -8%....a close in the mid 13s..would be the target.


10.30am.. market battling to hold the sp'1800s.

The problems for the bears are numerous..

1. primary trend remains UP.
2. hourly MACD cycle is offering 2-3 days of upside.
3. Heavy QE today..will help to negate any 'selling into strength' .
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Rest of the day is going to be real important, and frankly..I don't see much hope for the bears.

VIX -8% in the 13s...it remains a fearless market.

Notable mover: TSLA, -2%