Good morning. Futures are moderately lower, sp -5pts, we're set to start the week at 1973. Precious metals are higher, Gold +$5, with Silver +0.8%. Equity bears have a chance at breaking back into the sp'1950s today.
So, we're set to open a little lower, and with the hourly cycle as it is, equity bears could be in control for the whole day.
It will be important for the bears to break under sp'1970 early this morning... and certainly, it looks somewhat likely.
I would consider picking up an index-long, once the hourly cycle levels out, but that might not be clear until tomorrow.
Hunter with Gold bug Kirby....
Metals have certainly broken out of the mid term down trend, but I'm still seeking the 2013 lows to be broken eventually, although that could be after further gains to $1450/1500 Gold.
Good wishes for the trading week ahead!
9.14am.. sp -7pts, 1971... so we're already real close to breaking first target...
As ever, equity bears should look to the VIX.. 14s would be useful by late morning. Any break into the 15s..and things could spiral pretty fast.
9.37am.. good start for the bears...another 2-3 hours lower..and the 1950s should be here.
VIX making a break for the 13s.