sp'60min
Summary
From a MACD (blue bar histogram) perspective, the hourly index charts are probably floored, with the sp' holding the first soft support of 1680.
For the bull maniacs out there, so long as the weekly 10MA is closed above (currently 1675)..tomorrow...broad near term up trend looks secure.
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Most notable today, the drop in the metals..and the lack of any significant intra-day bounce.
An old 'bearish' GLD chart....
I remain seeking a mid-term floor in the $900s..before the next multi-year ramp..past 2k..and way ..way higher. Certainly, any such outlook is heresy to the gold bugs.
3.20pm..another micro-wave lower..sp'1683. Bulls should at least hold 1680 today..if not..there is a very small chance of a weekly close <1675..which would really confuse matters.