sp'60min
vix'60min
Summary
Here is the all important weekly chart...
One hour to go..lets see if the market sells into the close.
I have to think so, with the 15min index and VIX cycles as they are.
*I am re-short Oil (via USO)..and will into Monday.
--
3.06pm...as things are..Daily MACD cycle still ticking higher on indexes..but is now also ticking higher on the VIX.
So, bears have the VIX on their side now....just need that close <1580.
3.19pm...sp' challenging the now declining hourly 10MA.
A close in the 1570s...no..thats now out of range.
--
Oil..and the previous metals look very weak.
--
3.28pm... Gold snaps lower..again..now down $70/75...Silver following..along with Oil
*hourly index charts still look like a wave'2 up...with a 3 down early Monday.
with the VIX this low, I have to think Monday will open very well for the bears.
--
3.37pm...behold...the horror of Gold. Closing the week with a horrific snap through support.
Target is 120.....so thats a good $250 down for Gold (spot price)..across the next few months....with SLV 20/19.
--
Well, we're clearly not going to close in the 1570s..and thus the sp' weekly 'rainbow' chart will close with a bullish turn. R2K, Transports, are blue though..and as old leaders, bears should hold onto that thought for the weekend.
back at the close.