1pm update - it is a B wave

US indexes are in churn mode...probably close to completing a B wave. The market will likely see renewed weakness in the late afternoon. Primary downside target zone remains sp'1940/35, before renewed strength into July.


sp'60min

Summary

From a chart perspective, a rather classic B wave.. back testing the old broken mini trend/channel.

We'll likely see some weakness into the close, with follow through tomorrow.
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back to the game... I'm watching Nigeria/Argentina

12pm update - London flyng the Iranian flag

Whilst the indexes churn out a B, 2, or whatever you wanna call it up wave, we have another two big games in the World cup. London city is filled with flags.. not least those supporting Iran - who face Bosnia and Herzo' this lunch time.


sp'60min

Summary

Well, its time for kick off, and frankly...I'm going to focus mostly on that.

*I'm just home from a minor venture.. and there are indeed a fair few Iranian flags being flown from the passing traffic..
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VIX update from Mr T.



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WFM is higher by 0.9% in the $39.30s, but I'm concerned at how much it will fall in the next index down wave. If I'm lucky, it'll at least be able to remain flat...before the market rallies into July.

back at 1pm

11am update - minor upward melt

US indexes continue to push higher..if slowly, from the opening minor declines. The sp'500 looks set to climb for a few more hours..before another roll over.. late today.... or Thursday. In the scheme of things.. it makes no difference. Downside target zone remains 1940/35.


sp'60min

Summary

Little to add.

Minor wave up... call it a 2, B..or whatever...we're set to drop some more.
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Arguably, anyone looking to go long..should get a chance in the 1940/35 zone this week.

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*WFM is even more annoying that yesterday.... until it is back in the $40s.. I'm not going to be in the best of moods.