2pm update - micro-rallies being sold into

Mr Market is still showing a little residual strength from the wave'2 bounce, yet..every micro-rally is being sold into..it would appear. Certainly, the weakness is very minor, but it is important, and today would make for a very nice turn day. Monday would be important to see confirmation, preferably <sp'1400.


sp'60min

trans'60min

Summary

Its somewhat quiet out there, but the weakness is there, and I'd not be surprised to see a break <1410 before the close. Two hours is plenty of time to see that develop.
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*Metals are weak...just look at gold on the weekly chart, a clear bear flag...to be shorted into... obvious target is GLD 158, some $80 lower

The Gold bugs are gonna be real mad next week.

UPDATE 2.30pm . Transports showing what might be a micro-wave'2 bear flag on the hourly.

If it is, should be seeking a re-break <5100, quite possibly before the close of today.