2pm update - climbing into early Thursday

After the morning declines, it would seem unlikely the market will break a new low into the close. Moderate upside into the 1695/1705 zone seems likely into Thursday morning. Precious metals are a touch higher, with Gold +$3.


sp'60min

Summary

The price action is still relatively calm..the moves are very small, and there is little reason why some degree of bounce won't continue into the close.

Underlying MACD cycle on the hourly charts remains extremely low, and a good 4-6 hrs of upside should be enough to reset the cycle by late tomorrow morning.

*I remain on the sidelines, trying to be patient and wait for this bounce to fully play out.