With the ISM data coming in 'better than expected', the market quickly swung from dow -35 to +70 in a matter of minutes. Clearly, the 'serious money' bears with stops at sp'1400/05 will have all got stopped out. It would be a brave bear to hold short right now, whilst the weekly and monthly cycles show ZERO indications of a bearish down move. A rough start to the month for those resiliently holding short.
SP'60min
Vix'60min
A severe fail for the VIX, the bull flag has been completely broken below, and next level is around 15.50/00 - that is certainly within range within the next few hours.
A quick look at the Dow, which is breaking out..to the upside.
Dow, weekly, 2yr
Its important to recognise the Dow'30 has indeed broken above what was resistance for 2 months. The next level is around 13500, roughly another 1.5% up.
More later!
SP'60min
Vix'60min
A severe fail for the VIX, the bull flag has been completely broken below, and next level is around 15.50/00 - that is certainly within range within the next few hours.
A quick look at the Dow, which is breaking out..to the upside.
Dow, weekly, 2yr
Its important to recognise the Dow'30 has indeed broken above what was resistance for 2 months. The next level is around 13500, roughly another 1.5% up.
More later!
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