2pm update - awaiting the latter day recovery

For much of the past two years.since the distant low of sp'1074, we've seen the regular phenomena of the 'latter day recovery'. This mornings weakness could yet be fully negated by the close. Metals are holding gains, Gold +$24, whilst Oil continues to weaken, -2.9%.


sp'15min

Summary

Interesting day to start the year.

Price action is very much nothing for the bears to get excited over.

Best guess...near term upside to 1860/80 zone within two weeks, and then a moderate down wave of 5-7%. The following chart has remained effectively on track since last summer...

sp'weekly8

A minor 4 down..and the 5 up into the March/May zone.

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I sure won't be meddling short indexes/long VIX until at least March/April.


2.22pm...a surprise snap lower!  Hmm...and no doubt stops are getting hit.

Are the algo-bots playing stop-run games today? 


2.33pm We're at the typical turn time in the afternoon, but bull maniacs need >1833 to halt this series of minor waves lower.

Regardless...in the bigger picture, this is all minor moves.