sp'60min
Summary
*interesting early weakness in the metals. As a fair few others are noting, if commodities remain weak, then it does not bode well for the equity market.
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So, we're set for further gains. To me, the setup feels like last Tue/Wed. However, unlike then, the bears had yet to prove themselves capable of breaking below the 50 day MA. Today is day'4 trading under the 50 day, and with the weekly index cycles bearish, it is the bulls who have to break the current trend.
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Best guess.....a further minor rally to 1840/45...where we will likely get stuck.
I will strongly consider picking up an index put block, possibly even a VIX call block later today, if the price action looks okay.
15min cycle is suggestive this could all be maxed out by 11am.
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Good wishes for Tuesday trading!
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9.03am GDX -3%, naturally, as a result of the metals.
Oil is -0.4%, in sympathy with the metals?
9.40am... on track for the low 1840s.....I've an idea for the daily cycle....see 10am post.
Metals are smashed, VIX is only a little lower - still holding up 'relatively' well.
9.46am... am in no hurry to short...this should at least battle higher into 11am..if not much of the afternoon.
VIX is starting to break lower. 13/12s look completely out of range though, in the near term.