US capital markets continue to see some rather wild price action. Now its a case of whether a close above.. or below the 200dma of sp'2064. USD continues to weaken, on any basis, a rather severe drop of -2.0% in the DXY 97.90s. Gold +$11. Oil +3.0%.
*again, I want to highlight the bonds.. adjusting to a near certainty of higher int' rates.
TLT -3.1% in the $119s... first soft target is 110.. by mid/late spring.
So much for the earlier spike floor hope of sp'2058.
The 2.30pm time offers next opportunity for a floor/turn.
Those currently short.... are getting a chance to tighten stops... ahead of OPEC and the monthly jobs data.
Oil is still battling to break AND hold above declining trend. Right now.. its marginal.. oil bulls should be seeking the $13s tomorrow. Cyclically.. the pressure is turning UP.
Finally... for those who think I am crazy bullish... here is the most bearish chart out there...
Not pretty... not least for what is often, a leading index.
2.42pm.. sp'2104 to 2044.... 60pts.. 3%.. in just 2 days...