US equity indexes remain moderately weak, with a viable daily close in the low sp'2040s. For now, VIX remains entirely reflective of the broader mainstream that are entirely fearless of the summer ahead. Metals are leaning to the upside, with Gold +$1, and Silver +0.4%.
re: metals. It remains the case that broader price action has been inverse to equities since the Dec'2015 low. Price structure is offering a bull pennant/flag, with another lurch higher due in the short term -certainly within 3-5 trading days.
.. if correct. .that bodes bullish for the related mining stocks.
As for the broader market... well, its clearly messy, but it looks like we'll see a net daily decline. The issue is whether we'll negate all of the Monday nonsense.. or just part of it.
notable weakness... AMZN, daily
Sub $700s are probable, the ultimate issue is whether the Feb' low of $474 is eventually taken out.
2.27pm.. A clear break lower.... sp'2042... a close <2039 is viable.. and that opens up 2000/1990 within the near term.
A H/S formation scenario offers 1970/60s... before next bounce.
In either case.. bulls have a problem.. as the Monday nonsense has been negated.