2pm update - afternoon chop

Equities are in chop mode, having probably made a key floor of sp'2022. VIX continues to cool from earlier highs, but still +10% in the 19.40s. Metals are continuing to build gains, Gold +$12, whilst Energy remains weak, Oil -4.0%.


sp'60min

GLD, daily

Summary

*Gold higher for the 5th day of 7. Still remains choppy, and faces tough resistance at the Oct' high of 120. equiv' to spot gold of $1250.
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Suffice to say.. with each passing hour, I've more confidence that we have an ABC correction.. with a floor of 2022.

A daily close in the 2040s... still possible.
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Notable weakness, oil/gas drillers, RIG -4.1%, SDRL -3.5%.