XJO as aus200 4hr looks like a cup and handle now; so cup fibs...

XJO as aus200 4hr looks like a cup and handle now; so cup fibs remain in play until proven o'wise. 50Fib is a failure

XJO 4hr aus200

SPX 4hr spot

Sorting the CFTC COT market by current market cap - there is close to USD$380Bn in open positions on S&P500 contracts

- which dwarfs the DJIA and NSDQ trading, putting it on a par with the US Treasury hedge/safety.

My guess is the EMmkts outperforming OECD markets is reflected in the bounce in China SSEC

The issue I have is the symmetry in the local SSEC which is actualy bearish unless it evolves into something larger. But technically above 2100 confirms the recent low. This is flowing into other EmMkts. AUS ASX getting some added benefit from the low AUD also.

11 of 14 US market health indicators are very bearish, with a large downside range in US tech stocks. VIX, CPCE etc all saying this is not over.

Still not a happy face to the most hated uptrend in recent history. The much hyped Fed taper is _still_ yet to materialise - meaning markets remain awash with cheap c/bank liquidity (aka primary dealer riskless trading).