Equities are back to significant gains, with the sp' now threatening a daily close in the 1860s. VIX reflects a market will no concern about anything in this part of the galaxy, -11% in the 15.70s. Metals are cooling down from recent multi-week gains, Gold -$9.
For this hour...a reminder on the bigger weekly cycle.
Barring a break to new highs, I'm holding to 1883 as a key top...one to be shorted on the bounces.
As it is, I remain very content to wait until Wednesday, 2pm...and will see what style of price action we have then.
Lower weekly bol' would be the primary target..and right now..that is flat lining in the 1760s. pretty close to the Feb' low of 1737.
Viable within 2-4 weeks?
Those interested in hysteria..
Whats the worse that could happen? Oh yeah...0.00 Daily MACD looks pretty ugly, and first support is arguably $4..if not $1.
2.25pm.. it'd seem the threshold for a blue/green candle (weekly chart) is sp'1858. That will be a level I'll be focused on for rest of the week.
VIX -12%...simply...no fear. Gold -$13.