sp'60min
GLD, daily
Summary
*more than anything, the metals - and miners, look weak into year end. With a classic 'stuck below old broken support' scenario, it is no surprise to see them lower again this morning.
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As for the main market...a bit of a messy start,
For those short...I can only hope most are using good trading stops..in case the market rips higher.
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sp'1777...
Target zone remains 1774/72.. by 11am.
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Only a maniac bear would not have a trading stop at 1780 right now. Major threat of a jump into the 1790s later today.
There is NO Excuse..bears have had their C wave with a marginally lower low <1779.
Sure, we might drop a little more by 11am, but its marginal..the bulk of the drop..is likely done.
but hey..that is what trading stops are for..yes?
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10.10am.. the bearish hysteria out there is laughable.
A break into the 1770s..and now many are screaming for the 1750/40s..if not much lower by January. Most have no perspective...if not just a case of denial. QE money should be kicking across the late morning...and the sp'1790s will be viable later today.
10.17am.. almost there...1776.. 2pts to hit the target zone.
10.22am.. all micro cycles..close to flooring...and we're approaching the typical turn near 11am.
Bears are having their chance to exit this morning.
I can only guess at how many might be whining into the weekend, holding out for much lower levels.
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10.27am Arguably safe to call a floor at 1775.. 0.5pts shy of my target 74/72 zone.
Lets see what the bull maniacs can manage into the early afternoon.
10.36am.. we have a spike-floor on the 15min cycle...bears look...done.. C wave complete.