sp'daily5
Summary
Suffice to say...it is a crucial few hours.
Bulls just need to push a little higher...whilst bears should be desperate for an intraday reversal.
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Hourly cycles offer 'potential' upside all way across tomorrow...but...things still feel shaky.
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I have raised my long-stops to the equiv' of sp'1872 or so...and will look to raise them again tomorrow...if we keep pushing higher.
11.13am... KICKED from my index longs....urghh. oh well...
Since a 3 day weekend ahead.. I will take no new positions ahead of that...so...I'm done until next week.
11.21am... black-fail candle on the R2K daily chart....not pretty...with the sp/dow still holding gains.
11.27am.. the R2K stinks of weakness...still slipping..and I'm glad to be out of that mess.
R2K about to turn red !
11.31am... and red it turns.
Rest of the market though...holding most of the gains.
Notable strength, UAL +3.4%
11.39am.. I could understand some equity bears are re-shorting here..with stops at the morning high.
Certainly, the weakness in the R2K is suggestive the main market will not be able to hold these gains.
11.46am.. for me..the line is now.... sp'1877..If we slip under there.....train wreck afternoon.
yours...more comfortable...on the sidelines