12pm update - daily cycle offering the 1900s

Whilst there continues to be some minor chop, it is most notable that the upper bollinger on the daily cycle is offering the low sp'1900s in the immediate term. A brief foray into the 1900s does indeed look viable tomorrow, if Mr Market is relieved at a 'better than expected' GDP data point.


sp'daily5

Dow, daily

Summary

*it is also notable that the Dow is around 100pts from breaking a new high. The 16700/800s are coming.
--

Without getting lost in the minor noise/nonsense, the daily charts are looking reasonably strong for the rest of this week.

We have daily cycle offering the 1900/05 range, whilst the weekly cycle will be somewhat more restrictive to the 1895/1900 zone.

--

VIX update from Mr T



--
time for..tea

11am update - go stare at this for an hour

Equity bears would do well to spend the next hour taking a look at the monthly cycle for the sp'500. Despite all the bearish hysteria this month, we currently look set to close April with minor gains. Price momentum is itself still weakening, but..primary trend remains... UP!


sp'monthly

Summary

*Tuesday is indeed proving once again to be a difficult day for yours truly. I am tired.

The one solace...I've 5 long positions...all are green this morning. What a twisted world it is when even yours truly is meddling on the dark side.

Notable strength: CHK, SDRL,  ohh yeah, I've both of those. ;)
--
back at 12pm

10am update - bears losing complete control

With the market breaking >sp'1875, the bears are losing what little control they had. A break into the 1880s looks likely this morning, and that will offer the first attempt to break the 1884 high. Whether that is taken out today, tomorrow..or later this week, doesn't really matter.


sp'60min

Summary

*I remain content on the long side, via CHK, DO, RIG, SDRL, and STX,
--

No doubt there will be increasing minor chop into tomorrow afternoon, but the underlying pressure should remain to the upside.
-


10.20am..minor chop in the mid 1870s, but unlike yesterday, we're not seeing a reversal. The gains look set to build.

A daily close in the 1880s...and perhaps a brief attempt to clear 1900 tomorrow afternoon.