The sp' is back in the 1560s..any close under previous resistance of 1576 would be bearish in the days ahead. Meanwhile, precious metals look obliterated, but there is massive downside still due in the months ahead.
*I'm going to skip the hourly/daily charts, a bounce is due today. Lets take a look at the hugely important monthly charts.
Both charts are my bearish outlook into the early summer
I see absolutely no reason why anyone should be trying to knife catch this current collapse wave.
Best guess is GLD 120 - which is Gold $1250....and SLV 21/20 (add $1 for spot Silver price)
Whilst equities are propped up by QE-POMO, what I am very confident about is a significant fall in Oil into May/June.
USO, weekly3 - downside target
USO in the 28/27s seems very reasonable to target in the weeks ahead.
*I am sitting on the sidelines, and watching USO carefully. It might be a viable short in the late afternoon..just have to see what sort of price action we get.
VIX +23%...and its now at the upper bol 'on the daily... good support at the rising 10MA - in the 13s.
This is something I am keeping in mind, but for now..its HIGHLY speculative. Bears need a break <1538, just to have a hope of this..
Kinda interesting though