Monday, 28 March 2016

11am update - already tedious

US equities remain moderately choppy, in what is still holiday trading mode. Price structure on the hourly chart is offering a bear flag, suggestive of weakness into the Yellen event. Meanwhile, metals are a little higher after overnight declines, Gold +$3, with Silver +0.5%.


GLD, daily2


re: Gold. Further downside to the GLD 114s still seems probable, not least as we saw 115s overnight.

Miners are already under pressure, GDX -1.3%

As for tedious... why is anyone even watching today? Almost all of the EU is shut, and there simply isn't anything to sway the broader market.

notable weakness, FCX -2%... struggling around the 200dma.