3pm update - don't get lost in the mild hysteria

Mr Market continues to see minor weak chop, with the sp' vulnerable to downside to sp'1875. Yet, any retail amateur trader getting lost in mild bearish hysteria is likely setting themselves up for a difficult Friday morning.


sp'60min

Summary

Hourly lower bol'...offers the bears 1875 or so.. in the closing hour..

It is very likely, a last ditch opportunity for the bears to exit before the sp'1900s..whether tomorrow or next Monday.
-

*I hold heavy long overnight, especially in the Oil/Gas drill stocks, DO, RIG, SDRL. Yes..they are all down, but then, I bailed yesterday near the highs..and I'm back in at much lower levels, so I ain't complaining!
-


3.18pm.. minor chop..in the low 1880s....

There can be NO excuses. Everyone is getting a chance to re-position ahead of the Friday jobs data. Bears are getting a chance to exit....and bulls are getting the opportunity to buy back in at lower levels - at least in some stocks/sectors.

2pm update - minor down cycle

Market is offering the bears a minor rollover, back to the mid sp'1870s, but in the scheme of things, it is entirely irrelevant. Metals remain weak, Gold -$7, Silver -1.4%. Oil is also weak, -0.6%. Equity bulls have little to prove into today's close.


sp'60min

Summary

*to be clear, by end of today, I do not expect market to be <1875.
--

So, we're seeing an hourly cycle rollover, and I realise some will be getting moderately excited ahead of tomorrows jobs data.

Yet.. the bulls have nothing to prove. The recent 1884 high has been decisively broken above.

Even the Nasdaq (I'll highlight it later), has broken descending resistance.

Transports is strong, and close to breaking a new historic high.
-

Price action remains outright bullish on the bigger cycles, and anyone shorting the indexes into today's close is vulnerable to getting nuked at the Friday open.

1pm update - minor chop

Mr Market continues to see minor chop, but it is notably holding the sp'1880s. Rest of today looks set for more of the same, as attention turns to the monthly jobs data. Any number >175k net gains, and the mainstream will likely spin it as another sign of the continuing recovery.


sp'daily5

Summary

Little to add right now.
--

back at 2pm.