Wednesday 7 May 2014

2pm update - battling it out

Some minor chop in the sp'1870s, but the underlying pressure is still to the upside. Equity bulls have the hourly index/VIX cycles on their side into the close, if not most of Thursday. Metals remain very weak, Gold -$18


sp'60min


GLD, daily


Summary

*metals are certainly having a difficult day, and Monday's black-fail candle was again another good example of a warning.
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Suffice to say, I am not taking the recent equity weakness seriously, not least since price action simply doesn't support the notion of any significant declines.

VIX lacks any upside kick...what more needs to be said?
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2.20pm.. minor chop..but you can see the underlying upside..again.

Market just needs to get through another Yellen morning (will the Senate be softer on her?), and then new highs look due.