10am update - bulls need to hold the weekly 10ma

It is highly arguable of course, but from a brief look at the weekly chart, the equity bulls need to hold the weekly 10MA...currently @ 1865. Any move below last Thursday's low of 1862 would bode for much lower levels...although that seems...unlikely.


sp'weekly8

Summary

*I am trying to be more focused on the bigger picture, which is always a bit of a struggle, not least when the price action is relatively minor.
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So...my line in the sand is 1864/62...if we see the 1850s..I'd be somewhat spooked.

Opening price action...

black candle on the VIX, with reversals on the indexes.... bullish.

special note...weekly 'rainbow' candle turned blue around 1877...and so I'd at least like to see a weekly close  above that.
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It is notable that the upper bollinger on the weekly is now offering 1907...and if the market does rally, that could rise to the 1910/12 zone by late Friday.
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Notable strength..AAPL

The 7 for 1 split is just 2 weeks or so away, and as some might agree, the first obvious target would be $100, which would indeed be the equiv' of a new high.
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Long week ahead...
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10.39am.. Trans/R2K, both pushing upward...with the Trans close to a new historic high, which is certainly not exactly bearish..is it?
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Pre-Market Brief

Good morning. Futures are a touch lower, sp -2pts, we're set to open at 1875. Precious metals are higher, Gold +$8, with Silver +1.2%. Equity bulls need to at least hold the 1865/60 zone today, if not push for a daily close in the 1880s.


sp'daily5

Summary

Arguably, the best opportunity for the bulls this week is across today and tomorrow - not least since it is the only sig' QE-pomo there is.

A daily close in the mid 1880s looks a reasonable target, and I'd be surprised if we don't at least manage that.

Equity bears need to take out last Thursdays low of 1862, and I can't see that viable today, although I was certainly wrong last Wed/Thursday.
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*I remain long, via the R2K no less, and would most certainly prefer an exit into the coming 3 day holiday weekend.


9.36am.. opening reversal... black candle on the VIX

Equity bears...beware!

*I'm still kinda burnt out....I will probably be somewhat 'sporadic' this week... or maybe I just need to go shop for more chocolates (and wine?).

Sunday night chatter

US indexes have good opportunity to at least attempt a rally all the way into the 3 day holiday weekend. There is comfortable viable upside of 2-3% on most indexes, not least the battered R2K. VIX looks set to remain in the 14/11 zone until early June.


R2K, daily

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Spike floor candles are only marginally less important than a black-fail or red reversal candle. The fact we have no less than 4 spike floors is actually pretty bullish..at least for the near term.

Of course, any break <1080..will open the door to much lower levels..at least to the equiv' of sp'1814, but I am not expecting that.
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Three videos..to end..and start a new trading week...

First... from sp500chart.com


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Second...some doom chat from Hunter with Mr Shadowstats



I have to note though, I do not hold to the dollar doom outlook at all. Quite the contrary, with either the Yen or the Euro going first.
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Finally, a super brief update from Oscar..who is looking to be long the market - at least to begin the week.



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Equity bulls have their best opportunity across Mon/Tuesday, not least due to some QE-pomo fuel..although yes, that will only amount to $2-3bn a day. The days of $5bn POMO are over.

Goodnight from London