12pm update - awaiting a clear break

US equities are weak, with the sp'500 teasingly close to breaking the daily 10MA @ 2039/40. Metals remain sharply lower, having snapped earlier, Gold -$17, price structure is a large bear flag.. the bigger target of $1000 remains very probable.


sp'daily5

GLD, daily

Summary

*action in the metals/miners remains very volatile. Price structure for both is arguably a large bear flag... with much lower levels still due. If the USD can climb into 89/90s... then Gold will break well under <$1100 before year end.
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So... we've hit sp'2040... but a daily close <2038/37 would make things a lot clearer for the remainder of this week.. and most of next. A retrace is well overdue, as even the most permabullish would accept.

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VIX update from Mr T.


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time for tea....
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12.13pm... Something 'odd' is going on in metals land

GLD, 5min

Crazy swings.. if it can break positive again.. that'd be a real surprise.

12.17pm.... and Gold turns positive..    Someone got hold of the FOMC minutes already, is that it?

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back at 2pm... just before the FOMC minutes