12pm update - market setting up to snap higher

The main indexes have slipped a little further, but the 5/15/60 minute index cycles are all arguably close to flooring. Metals remain weak, Gold -$12. whilst Oil continuing to build gains, +1.2%. Despite equity weakness, VIX is still in the red.


sp'60min

Summary

I have to think, the bears are facing a severe risk of a major late day ramp on 'fed speak' nonsense.

Worse case... a snap >1709..and a daily close in the 1715/25 zone.

Certainly, I'm inclined to just sit today out. For the day-traders out there, at least the stop levels are clear enough.

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VIX update from Mr T.



So, a few are buying outright Oct' calls, but really, VIX is still very low, and the notion of 20s any time soon seems very unlikely.
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Metals looking ugly on the weekly charts...

GLD, weekly

Its only Wednesday, and it sure looks ugly in metal land. First target..120/118