1pm update - bears on the run

The leading indexes are all above the highs of last Thursday. Naturally, the bears are now getting heavily short-stopped out of their positions, and we're no doubt also seeing some bull chasers starting to appear. With a weak USD, and generally 'nothing going on'...algo bot melt into the close seems likely.


sp'60min (updated)

vix'60min

Summary

Hourly index charts have to be redrawn, and with the break >1592, counts need to be thrown out. I suppose some might tout the recent wave lower as a big 4, ..but whatever it is, we're now very much higher.
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Daily charts offer NO sign of any turn lower.

The one thing the bears still have is a VIX that is only down a few percent, but then...VIX can't get much lower than the 13s anyway.
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For those not already short stopped out..this is turning out to be something of a Monday mini-massacre.
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Oil update.. via USO

Oil testing the 200 day MA..so far.. failing to hold over, but obviously the near term trend is still generally to the upside.

I'm still amazed it made it back into the 33s at all. 

UPDATE 1.31pm.. VIX trying to go green..whilst indexes still holding gains. Hmm