How many bears are getting overly excited by sp'500 declines of 2-3pts ? With low volume, the algo-bots have prime conditions to melt everything higher into the afternoon. Precious metals and Oil are holding moderate gains, with the USD -0.3%
It is indeed laughable that a micro decline of 0.1%, and there will be bears who are now looking for major downside.
Err..no. The weekly charts are powerfully pushing higher..and we still look set for broad upside into early August.
Yes, the daily SP' chart is looking like a viable double top, but the R2K, Nasdaq, are already above the 1687 equivalent levels.
Nothing has changed.... I'm holding to original outlook.
10.08am...and the indexes flip back to green...
Its simply a case of powerless bears...and algo-bot melt.
10.35am..Oil is interesting, now moderately red, after earlier gains of 0.5%