After a touch of early weakness, the broader trend from the Tuesday low of sp'1903 continues. There is natural hourly upper bollinger band resistance in the 1980/85 zone. A daily close >1990 will be more likely after the 3 day break. Metals remain weak, Gold -$7
sp'60min
Summary
Little to add.
What should be clear.. regardless of any sporadic down waves... this is no market to be short right now.
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AAPL is struggling relative to the main market.
15min
... although nowhere near as bad as NFLX.. there are real problems in that stock this week.
Note the flash-print to the $85 gap zone... with an even lower target for next equity down wave.
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stay tuned!
11.01am
special note... at the current rate of increase, the daily MACD cycle for the sp'500 will turn positive late tomorrow/early Tuesday.
At that point, there is a viable 3-5 days of 'likely upside'... if with the occasional moderate down day. It is why I am looking to hold off on market shorts until FOMC week itself.
I see no hurry right now... not least with a long weekend ahead.
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11.16am.. Market due a down wave into 2pm... from sp'1975.
AAPL remains especially weak... the 110s look viable. I shall consider that.
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11.30am.. weakness...
sp'15min
Clearly, a break under the 1903 low would be a critical warning, but I really don't see that as viable.
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11.41am.. Just another natural micro down wave.... and no doubt.. some of the bulls are getting a little unsettled.
NFLX -3.2% @ $102.... not pretty
