1pm update - just another hour

Market is holding the low 1650s, not that a daily close is important. What does seem clear is that this market is going significantly higher into July. Those on the short side look as though they are facing an all out assault from the FOMC tomorrow afternoon.

Its not like the QE is going to end any time soon, right?


sp'60min

Summary

The smaller 15/60min cycles are again looking a bit toppy.

Bulls have a good 10pt downside buffer before breaking the current hourly uptrend.
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Metals remain weak, but the miners sharply lower, GDX -2.6% or so.