Closing Brief

...brief..as can be.

Sp'60min

VIX'60min

Bearish.. Bearish...Bearish.
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More over the weekend.

3pm - awaiting the close

How many of those bullish rats want to hold across the weekend? We are about to find out just how confident those bullish maniacs are. The 1-3pm fall was exactly what the bears needed. It arguably stops any chances of 1390/95 - a good short-stop area, and so the next target is to break yesterdays low of 1370..and then 1357.

Things look pretty good, and on many of the financial sites out there, everyone now seems to acknowledge the daily cycles are showing very clear bear flags.

SP'60min

I am tired, one brief note to come after the close.

2pm update - first break lower

A 3 candle top on the hourly cycle (or 5, depending on how you count it!)..and it looks like we have maxed out what might have been the 2' wave. If..and its a BIG 'if', that's the case, then we're now starting 3 lower, which should break below last weeks low of 1357.

One interesting thing to look for early next week, does the 3' wave get us down to 1340/25, if that's the case, then I'd guess we still have the near term chance of 1300..even 1270/50 via a wave'5 down. 


SP'60min

As noted earlier, bears really want to see a move below the 10MA, a close in the mid' 1370s right now would be more than enough. 1360s look out of range, although if it is the 3' wave, then it is possible, we're only talking about 10/12pts away.