Is SPX forming a bear flag or base? I guess it depends on what you're bias is.
The 50% Fib continues to be a problem for ES, XLF and the BIX-X. Watch to see if this channel support holds or below that a double bottom. Looks like we have Ben and the Fed on Wednesday. Do I hear helicopters? Hard to imagine more QE or monetary accommodations with crude above $100. Also have to keep a vigilant eye on Spanish, ECB, Germany anything day to day... We'll kick off the week with Chinese HSBC PMI on Sunday night.
BIX-X (SPX Bank Index)
So much for the inverse H&S everyone was talking about on Friday. Need to see Mr CRAAPL/Dr AAPL stabilize and recapture 600. Both NDX and AAPL are sitting on their 50SMA. Ideally bulls would see a DB here in AAPL and some sideways range consolidation action. So far we're seeing distribution. Not sure if this is just a nice 10% shake or the start of something really concerning. We'll see.