sp'weekly1b
VIX'weekly
Summary
*I wanted to take a broader look this hour at the bigger weekly cycles.
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First, the current equity candle is ugly as hell.. offering ZERO sign of a floor/turn. If sp'1812 fails... then next key support is not until 1750/25 zone.
For the moment, I'm guessing 1812 will hold, but we're only 10pts shy of that right now.
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VIX is increasingly powerful, now sustainably above the key 20 threshold, something which was near impossible to even test across 2013-14.
Underlying momentum in the VIX shows no sign of a turn... a weekly close >30 would bode very bearish for US equities next week.
Indeed.. equity bulls really need to see a turn later today.. and push back upward tomorrow, at least to the sp'1840/50s.
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Re: Gold
A rather bizarre sight.. as Gold is going exponential, now up almost $50. Clearly.. this rate of increase will end badly.. and is completely unsustainable.
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Here in London city...
After an icy night... its actually pretty good here, and another day closer to the summer.
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time to cook (no in-house servants in my world)
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11.02am.. BA under extra pressure, some kind of investigation...
Next support the giant psy'level of $100, after that... empty air to $90/89. I'll try to cover it more later.