10am update - morning chop

The market opens in the mid 1630s, but the gains look a little shaky. Hourly index charts are offering very significant upside into the Friday close, but the near term 5/15min cycles are bearish for this morning. We could easily (briefly) be in the 1620s.

sp'15min

sp'60min

Summary

Bulls need to hold yesterdays low of sp'1622. I suppose 1615 at the close of today would still be 'acceptable' as part of a larger bull flag.

The safer 'long' trade is one after the indexes have put in a daily close >1640. That looks possible today, and is especially supported on the hourly charts.
--

*I remain on the sidelines, but will look to pick up a index-long block..perhaps later this morning.

I'm in no hurry though!


10.03am...sp'1629..so.....bulls now have a 7pt buffer zone.

10.07am.. VIX goes green, but I don't think it'll last for long.

I remain on standby to take a new index-long block.


10.25am.. market looks like its stabilised, but I think I'm going to sit this out.
--