12pm update - still no turn

US equities are mixed, with the sp/Dow moderately lower, whilst the Trans/R2K are moderately higher. Price action is still broadly bullish, and it is arguably just a matter of when the sp'1990s are hit again.. rather than 'if'. Metals are weak, Gold -$7, ahead of QE taper'6.


sp'60min

Summary

Clearly, no turn yet...

From how I see it though... equity bears have been given a bonus opportunity to close out.. ahead of the FOMC announcement.. and more importantly.. the Friday jobs data.

There can be no excuses (from the bears) for any whining later this week.. and across August.

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VIX update from Mr T.



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time for lunch


12.13pm.. another attempt at a spike floor from 1962....which is certainly the last 'reasonable' level I'm comfortable with.

Bulls should be pressing for the 1970/75 zone for the close...anything above that.. a bonus.


12.30pm... a good lunch... and Mr Market is attempting to level out in the 1962/60 zone.

12.38pm.. here we go... 15min cycle.... 10MA.. broken...  VIX cooling...

11am update - morning reversal

US equities have seen yet another reversal - much in the style of yesterday. Yet.. it is the typical turn time of 11am, with price action that remains nothing particularly bearish. VIX is relatively subdued +3% in the 13.60s.


sp'60min

VIX'60min

Summary

*opening reversal candle on the VIX... so.. for those who are bearish...I can kinda understand if you're getting excited right now
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Well, its another day where the minor waves are at least keeping everyone awake.

Typically..we'll turn around 11am... so...lets see....
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Notable strength: TWTR +21%, but only in the $46s.... a long way below the AH high in the $51s.


11.05am.. need 1970 to clarify a turn... until then.. threat of 1962/60....

Regardless.. none of it changes the bigger outlook.


11.10am... where is my spike floor?

*metals remain weak ahead of the next QE taper... Gold -$7.


11.17am.. provisional spike floor of 1963...still need 1970s... to clarify a turn.


11.23am.. almost clarified a turn.....

Bears had a bonus opportunity to exit after the GDP data.... there can be no excuses later this week.


11.40am.. still no clear turn...quite yet... sp'1967... need the 1970s.

10am update - opening gains

US equities open moderate higher, with borderline significant gains in the Trans/R2K. Metals are weak, Gold -$5, whilst Oil is rallying 0.6%. Equity bulls should remain in broad control for the rest of the week.


sp'60min

R2K, daily

Summary

So..will today be like yesterday, with a major snap lower around 11am?

If the Trans/R2K have indeed floored..then the rest of the market will be fine.

I'd like to see the R2K break 1160s by tomorrow...with 1170s for the weekly close.
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Some rather wild opening price action in GRMN - having had good earnings, swings from +9% to -5% within a few minutes..as the rats sell a double top @$62.
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*fed at 2pm...but no surprises likely there... just another QE taper.


10.02am.. micro down wave...equity bears getting another chance to exit....and likewise...anyone not already long...opportunity to go long here.

There is NO significant downside power.



10.08am... Bears getting a chance to exit... it is surely just a minor down wave.

Price action is the SAME nonsense we've seen for many months.

Micro 5/15min MACD cycles..both very close to flooring.

What a bonus for the bears this morning...or those wanting to buy.


10.15am.. major spike floor...looks set to be made...bears...beware!


10.23am.. looks like 1969 was it.... turn is in.

Now its a case.. of breaking the opening high of 1978... and then 1984.

Bulls need to be patient today.


10.41am.. chop chop.... fast approaching the typical 11am turn time. 

10.45am.... nano snap....Monday low taken out...hmm

Regardless... 11am is usually turn time.....