11am update - price momentum still ticking lower

US equities are seeing minor chop, and a break under the daily 10MA of sp'2030 now looks very viable this afternoon. With the USD losing most of the earlier gains, the metals/miners are rebounding strongly, Gold +$13.


sp'daily5

Summary

*see MACD (blue bar histogram) cycle, which has now ticked lower for the ninth consecutive day. The fact the market has managed to claw new highs - as recently as yesterday, is testament to the powerful underlying strength.
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A bearish MACD cross looks due in 2-3 days.. which should see the sp'500 slip back below the big 2000 threshold.

At best...1980/50... on no outlook can I see sub 1900 for the remainder of the year.
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Notable reversal... metals/miners

GLD, daily

A powerful bullish engulfing candle... same for the miners. If those levels hold into the weekly close.. it is bullish.. at least for early next week.