3pm update - recovery rally into the close?

US indexes continue to see typical opex chop. With the smaller 5/15 minute cycles pretty much floored, there is a fair chance of a little rally into the close. Certainly though, a weekly close in the sp'1850s is now well out of range. Metals have turned around, Gold +$2


sp'15min

Summary

Seen better on the smaller 5/15min cycles, there is a possible inverse H/S setting up. So long as market doesn't go below 1834, bulls really have little to be concerned about.

Despite only being a 4 day week, this week has felt like six.
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Notable gainer: UGAZ +6.4%, a powerful weekly gain of 29.6%
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3.23pm.. .rallying into the close...yes?

The inv H/S would target 1865/70 next week..which would match up with the near term upside that the weekly charts offer.

3.35pm...continued chop..but with a slight upside bias. Will be interesting to see if we get any 'stupid closing minutes' spike. Certainly, the price action in recent days is very suggestive of it.


3.46pm... chop chop....nothing for the bears to look forward to next week. 3 sig QE-pomos, the Yellen on Thursday, and end month buying?

Notable gains in UGAZ +8.6%


3.55pm..bears getting a chance to exit into the weekend