1pm update - quietly waiting

US equities remain in minor chop mode. The VIX is notably higher, +8% in the 15.50s. Metals look extremely vulnerable this afternoon, Gold -$5. Energy prices are holding strong gains, Nat' gas +2.5%, whilst Oil is +1.6%


sp'60min

Summary

*the two leaders, Trans/R2K are notably weak, -0.5%
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Hard to say if sp'1991 is a key cycle top.. but right now... you can see obvious downside fib' target of around 1925... or 1905/00.

It will only be with a daily close <1900.. that a 'crash' call would become valid. Until then.... equity bears should be highly cautious.
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 ... back just before 2pm.