We are putting in a higher high, now the issue will be, do we put in a higher low? The 60min cycle is clearly overbought again, so we are due to level out around current levels, and 'should' pullback at least a little later today/early Wednesday.

As noted earlier, currently, ALL the bigger cycles are now bullish across virtually all indexes (only the transports is a little weak still). Arguably, 'new bears' should wait until a break at least below the 1390/95 level.


Sp'60min

IWM, weekly

Its important to note that not all the indexes are breaking key levels (yet) today.. IWM (representing the Rus'2000 small cap index) remains stuck at the level that has held it back for three months! If the IWM can't break back over 83.00 this week, that would be one renewed hope for the bears.


Lets end with a quick look at the Euro...

Euro, daily

*I'll cover this in a little more depth after the close

For now though, from a MACD cycle perspective, we are just starting to rollover. The big level is indeed 1.30..a break under that opens up 1.25/24 within 2-3 weeks. Its just something to keep an eye on.

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Stocks to check out today... GNK, SHLD, and BKS (which did fail to hold $20!)
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  yours
      feasting on biscuits with Tea....whilst watching 'The Time Machine' ;)