3pm update - gains ahead of the Fed

Rather than another day of minor weak chop, US equities are set to close moderately higher - but well above the old trend/resistance of 1990. VIX looks set to have maxed out at 14.53... whilst the Dow has already broken a new historic high.


sp'60min

Summary

...somewhat bizarre day... but the opening candles were a clear warning for bears to make a run for it.
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It would seem sp'1978 is as low as we go. Sure, we might briefly snap lower tomorrow, but it won't likely be under 1980.

*I hold a small long-index block (from 1991 last week)... will seek to pick up a large index-long on the next hourly cycle pull back....whether tomorrow.. or Thur/Friday.


3.17pm.. Price structure on the smaller 15/60min cycle is a baby bull flag. It bodes for sp'2010/12 sometime tomorrow.

Certainly, I see ZERO sense in anyone trying to short this madness, not least ahead of the Fed, when we know what is coming (QE taper'7) anyway!

2pm update - blue skies

A number of factors have contributed to today's climb back into the sp'2000s... but regardless of those... price action/structure are back to very bullish conditions. Daily cycle is offering 2010 in the immediate term... weekly cycles offer 2030.


sp'60min

Dow, daily

Summary

*notable new historic high on the Dow.
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..even to me... this is starting to get kinda stupid..not least being a mere day ahead of the FOMC announcement.
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Regardless...still bullish London sunsets

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1pm update - a clear break

The equity market continues to build gains, and is (disturbingly) already close to breaking back above the giant sp'2000 threshold. With the daily cycles turning back upward... equity bears look to be.... toast.


sp'15min

Summary

Seen on the small 15min cycle, you can see a rather powerful reversal candle...with a very clear spike-floor.

When you consider the opening black-fail candle on the VIX, this is just another classic example of why I do try to be VERY mindful of such candles. They can be very important signs.
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so.....rest of today?

A daily close in the sp'2000s is clearly viable.

Daily cycle offers 2010 in the immediate time frame... weekly cycles offer 2030s in the near term.
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As much as I don't like to note it, the low sp'1970s now look... unlikely.. it would seem we have a key floor of 1978... with VIX @ 14.53.

Yes.. we have the FOMC tomorrow..and that might see a 'brief' drop... but I sure don't expect the 1960s.
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time for a walk... I need some sun.