1pm update - melting into the afternoon

The market has settled down after the brief morning snap lower. With broad underlying upward pressure, we look set for very quiet afternoon price action. VIX looks set to close the week in the 12s. Metals are cooling just a little from the earlier surge, Gold +$14.


sp'60min

Summary

Not much to note.

A look at the bigger weekly charts should clarify things..

Dow, weekly

Not exactly bearish, is it? Upper bol' offering the 16700s in the immediate term.
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*I remain heavy long, and barring a late afternoon surge, I'll hold across into next week.


1.41pm.. minor weak chop, but really, is that all the bears can manage?

From a purely cyclical perspective, today's action is very natural...I'll cover that some more in the next hour.