3pm update - chop into the close

The main indexes are moderately lower, with the sp' hitting a low of 1762. The micro 5/15min cycles are offering a tiny bounce before the close, but we're still set to close slightly red. With seemingly no buyers >1775, market looks set for moderate weakness across the next few days.


sp'60min

USO, daily

Summary

*Oil and the precious metals are both sharply lower, and for the deflationists out there..its kinda interesting day.

Like Silver, Gold has now taken out rising support. The June lows will not likely hold.

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updates into the close...

3.30pm... sp -4pts...so...we're likely to close in the 1760s...going to be difficult to see any downside in the days ahead...but I think we'll hit the 1730s...just.

VIX remains in the 12s..which never fails to look bizarre.
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As I noted yesterday...GDX looks vulnerable..and today -2%....the June lows will likely be taken out.