1pm update - hourly cycles suggestive of minor retrace

US equities continue in what is relentless melt mode..all the way from the sp'1864 low, which now looks a long... long way down. However, hourly cycles are set for a down wave, first target would be the low 1940s..where is there is a rather obvious gap.


sp'60min

Summary

So..MACD cycle.set to turn bearish this afternoon.. with a minor retrace to 1940 or so..viable.
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As I've said many times though, I think such moves - within a large up trend, are largely untradeable - at least to 'most' in retail land.
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*I had eyes on WFM, but that is now back to positive, and I have little interest in buying in the low $41s


1.25pm.. ohh the humanity...we might actually slip into the 1940s again this afternoon.

1942/00 early tomorrow, before the QE..and then up?

12pm update - higher and higher

US indexes continue to push to ever higher levels. The R2K is now approaching the zone where a H/S scenario will get dropped. There is simply no downside power, and with sig' QE-pomo tomorrow, equity bears face relentless problems.


sp'daily5

Summary

So...the week begins with algo-bot melt...and its just a case of grinding higher.

Yes, the VIX higher, but I am dismissive of such gains today.

With sig;' QE tomorrow, there is zero reason why anyone would be short this week.
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VIX update from Mr T.



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time for a drink...a cold one.


12.09pm.. Watching clown TV.. guest Ezrati..end year target..sp'2200.

Everyone seems to be raising their targets with this latest wave.

11am update - weekly cycles restricting upside

US indexes continue to hold minor gains to start the week, but the weekly upper bollinger band is only offering sp'1955 by end of this week. Those expecting a weekly close in the 1960/70s are set to be disappointed.


sp'weekly8b

Summary

*the included wave count is...to be taken for what it is...one of a number of scenarios...although right now, it is my favoured one.
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So..we're higher, and the 1970s look out of range until late June/early July.

Underlying MACD (green bar histogram) cycle is going to be close to maxing out within the next few weeks.

If this week manages to close flat..1950s..then I'd guess a retrace to the 10MA - in FOMC week..will be the target, and that might equate to VIX briefly 14/15s.

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*I remain on the sidelines, I Have eyes on WFM still, but....not meddling in that today.
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11.32am,.. sp'1954..and this is even surprising me.

Algo-bot melt..with ZERO downside power.....and a big QE tomorrow.