2pm update - the minor chop continues

The main indexes are somewhat mixed, with the sp/dow a touch lower, but the R2K and Nasdaq moderately higher. Hourly index charts are suggesting slight upward pressure into Tuesday, but the wall at sp'1700 is pretty much clear to everyone.


sp'60min

Summary

Were I only looking at the R2K, I'd think this afternoon might be a valid short - MACD cycle is pretty much maxed out.

Yet, most of the other indexes are offering upside.

Way too risky for a re-short..and the only decent long position this week is arguably in the 1680/75 zone.
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Notable movers: AAPL, the metals..and miners.

GLD, daily

*I'm still bearish on the metals/miners into 2014, but the near term possibility of another collapse wave is now clearly off.

Gold remains stuck under the old floor though, Silver is sitting just on it. No decisive upward break...yet.