The main indexes are comfortably holding moderate gains. USD is now a touch lower after earlier gains. Oil is a touch higher, whilst the metals remain somewhat weak, but holding above the gap lows. VIX 10s..at the Friday close look very viable now.
So...we're now in the sp'1560s..and there remains NO sign of a turn..or the current trend ending.
Naturally, many will now start to wonder if the 1600s are going to be hit before the next multi-week down wave. I'm guessing...no.
*I bailed on my USO long just after the open, but I'm still holding SLV, which was indeed a rather concerning gap lower.
So long as it doesn't break below 27.69..and certainly 27.35..I'm not going to be too concerned. Underlying MACD cycle on the hourly chart offers considerable upside to the mid 28s. The opening hourly candle was a reversal, but so far, just not seeing significant follow through.
back at 2pm