US equities open a little lower, but clearly.. its nothing for the equity bears to get excited about. Mr Market is likely to remain in a holding pattern ahead of the FOMC minutes (2pm). Metals are moderately mixed, whilst energy is on the rise, Oil +0.5%.
*VIX turns positive MACD cycle for the first time since Oct'20th. Near term upside to 16/17.
First target for the equity bears should be a daily close under the 10MA.. sp'2039/40... that is certainly viable today... and would backup what the Trans/R2K have been warning about for the last 4-5 days.
Notable weakness, FCX -1% in the $27s.... next support are the $25s. Anyone bearish on Copper... should be looking for a key floor for FCX around $20 in spring 2015.
10.34am.. With the daily index cycles now marginally bearish... and a positive VIX cycle... finally... after 25 trading days UP... things are getting a little interesting.
Lots of weakness... Oil/gas drillers, SDRL -3%
Regardless... awaiting the FOMC minutes.
10.43am... Finally.. looks like 10MA ... 2039.. will be broken today....
*metals snap lower.. Gold -$10.... miners following... GDX -3.5% JDST +12%... offering a clear turn.