3pm update - tricky close

The market is holding moderate gains on almost all the main indexes (Dow is fractionally red). Bulls should be content with any close >sp'1705, which should open up the 1725/35 zone.  Metals/Oil have both recovered earlier declines, with Gold now +0.3%, and Oil back to flat.


sp'60min

GLD, daily

Summary

I realise some will be calling the recent price action as merely a large wave '2/B - bear flag, as seen on the hourly index charts.

Best bear case downside would be the low 1680s, but if we do get that low, it'd seriously weaken the bigger weekly up trend. I'm guessing not though.
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Oh well, sp'1705..+ or -...we'll soon see.

With major QE tomorrow (and Friday), bears face the usual problems.


3.40pm..well, bulls are failing to hold the 1700 psy' level. As a few have noted in the mainstream, a daily close <1700 would bode for another few days low.

If that is the case, target is 1680, where are another set of multiple supports.