3pm update - weakness into the close

The market is due a minor wave lower into early Tuesday. Primary target for a floor is sp'1650, and considering a mid-size POMO tomorrow, bulls can probably expect a latter day recovery. Metals have seen a strong reversal, but like Oil, slight weakness into tomorrow.


sp'60min

SLV'15min

Summary

The market remains a bit of a confused mess. Underlying pressure remains to the upside, but there is surely a significant likelihood of downside into early tomorrow?
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*I will sit it out until early tomorrow. Long Silver seems an interesting trade, long Oil is currently a secondary target...but neither looks good into the Monday close.
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3.42pm... marginal short-term pressure to the downside. There remains a 'small' chance of hitting the low 1650s early tomorrow.

back at the close