sp'15min
vix'60min
Summary
A rough day in the bear bunker, and once again, we're reminded that the fast declines can be wiped out even faster by insane stupid market ramps.
Clearly, a HUGE number of bears got stopped out in the last 90 minutes, with some 'chasers' helping push prices up even faster.
--
With three hours to go, even a flat close of sp'1407 looks somewhat 'wishful'.
--
RE: transports. Its a borderline situation. Arguably, its semi-busted already. We need an afternoon snap lower, just to get things back inline.
I suppose this could have been a sub-wave'2 higher, but if it is, it will need to stop going up..soon.
Trans' 4900 looks a long way down from here. Last line in the sand for the bears is trans @ 5160. Any close today/tomorrow over that, and I will be frankly..dismayed.
Despite the index ramp..AAPL remains weak, and 540/530 would be logical next level.
UPDATE 1.23pm No need for bears to be on suicide watch..quite yet.
We may have a top on the 15min cycle...
We really need to break <1410 though, and close <1407.
If..that is the case, then we just saw a pretty fierce wave'2..but won't know until the close, or into Thursday.