Seen on the smaller hourly equity cycle, there are at least a trio of candles offering the early sign of a floor from sp'1872. VIX remains +5% in the low 23s... and if the market can rally into the close, a net daily decline is just about viable. USD continues to fall, -1.9% in the DXY 97.00s.
Rest of today will be rather interesting.
From a pure cyclical perspective, we're set to hold the 1872 low.. and then battle upward into the close... and all the way across much of next week.
Target is effectively a 5% swing from the 1870s to 1970s across 6-8 trading days. Considering the ongoing price action, that is VERY viable.
AA +7%... but still in the $7s.
FCX +9%.. but only in the 4s
With the USD on the decline... precious metals are naturally on the rise..
Gold +$14, with Silver +3.4%
The related mining stocks are following..
A clear break of trend, with GDX +6.5%.. one of the best moves since last August.
stay tuned !
2.30pm.. sp +4pts @ 1906... and even I'm surprised at the power of the turn.
Never fails to surprise... or disturb me.
VIX turns negative.. already!