12pm update - underlying upside pressure

The indexes continue to appear to be building upside..in a sub'5 wave...with a snap higher viable this afternoon. A daily close in the sp'1800s..with Dow 16k, looks very viable. Metals remain weak, in a starkly bearish mid term trend.


sp'60min

GLD, daily

Summary

Not much to add.

Market appears to just be quietly awaiting the FOMC press release at 2pm. I have to guess we'll see further equity upside into the close.
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VIX update from Mr T.



Time for lunch :)