12pm update - trying to break into the 2100s

With a bizarre lack of downside pressure, the equity bull maniacs are getting yet another opportunity to break into the sp'2100s, and its notable we are currently a mere 0.6% from breaking the recent key high of 2111. With the VIX -3% in the 13.30s.... we're arguably close to max bullishness.


sp'60min

VIX'60min

Summary

So... just what the hell can be said about this morning?

Even the opening declines were a warning that the market is still very resilient. The fact the opening hourly/30min candles were a hollow red reversal (equity).. and black-fail (VIX).. were classic signals.

For now... its beyond tiresome.

Yes, price structure REMAINS a big bear flag.... but that of course is entirely negated on any move >2111.

Even a move to the 2060s will do nothing to offer any real hope to the bears. For 'hope'... bears need a daily close in the sp'2020s... and right now.. that may as well be 1000pts lower.

yours... in the trenches... covered in radioactive mud

--
time to cook

11am update - garbage market

US equities having broadly recovered the opening moderate declines... with the sp' already making a play to break back into the 2100s. VIX has naturally turned fractionally lower, into the mid 13s. Metals are notably strong, Gold +$11, with Silver +0.7%.


sp'60min

VIX'60min

Summary

*it the typical turn time of 11am.... but still... after this mornings opening 90mins, I'm inclined to dismiss anything today.
--

Without question, this is one of the lamest mornings for those in bear land in a very long time.

Despite Japan getting trashed, and weak US growth data, the market is still able to just shake it off.

Price structure remains a bear flag... but even if we roll lower to the 2060s late tomorrow/early next week, it will merely offer another higher low (from 2039).

I can NOT take any of this seriously unless we break under the two soft lows of 2039/33.. with a daily close in the 2020s.
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notable weakness... KMI,daily

Kinder remains broadly stuck... vulnerable to the 16/15s...  negated on any move into the 19s.
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time to shop... back soon

10am update - opening mess

US equities open moderately lower to sp'2086, but it should be clear, there is still a total lack of downside power. Price structure is a clear bear flag, and its notable that the market is still holding within it. VIX remains very subdued, with a very clear black-fail candle... which sure doesn't bode well for the bears.


sp'60min

VIX'60min

Summary

All things considered, equity bears can again feel justifiably dismayed and outright pissed at this open.

Whilst Japan effectively imploded, and most EU markets are lower by a clear -1% or more.. the US market already has some indexes net higher.

Yes... a long day ahead... but for now, this is the sort of open that will see some justifiably turn off their screen and not return until next month.
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notable weakness... INFN, daily

A disasterous open.... and hell, even if the main market remains strong... INFN looks set to go sub $10 this summer.
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10.08am.. sp'500... positive...  VIX... negative.

.. but hey... growth of 0.5% is good news.. yes?