1pm update - underlying pressure is kicking in

The main indexes have negated most of the opening drop, with most indexes just 0.25% lower. A close in the sp'1700s is viable. Precious metals are seeing strong gains, with Gold +$23. Oil is similarly strong, +1.8%. VIX is cooling down, now just 4% higher.


sp'60min

GLD, daily

Summary

The bears had a bonus opportunity to exit this morning, and I can only imagine how many are resolutely holding out for much lower levels.

We've been in this situation so many times across the past few years..and it has very rarely turned out in favour of the bears.
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Certainly, a close in the 1700s won't be easy, but..I'd sure not be surprised if the market manages it. We're only talking about a very slight daily gain of around 0.3%.