1pm update - choppy, but pressure is up

The main indexes have seemingly formed a pre-opex floor of sp'1659. A gap fill of the opening drop - sp'1680 looks an easy target for the bulls into Friday. Precious metals are strong, with Gold +$15, on the edge of a breakout >$1350. Oil is similarly picking up.


sp'15min

sp'60min

Summary

A pretty straight forward gap to fill in the 1680 area..for late today/tomorrow.

An index re-short in the 1685/95 area is the target for late tomorrow.
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VIX update from Mr T.



stay tuned


1.19pm.. market just testing the earlier floor of 1659.

I'd be somewhat surprised if we get another 5/10pts lower. Oh well, I won't be going long, not with the break of 1675. Default trade is short into mid Sept.