It is that time of the month again, another press release from those money printing maniacs at the US Fed. Meanwhile, there is some crazy price action in the metals.. having seen a lunch time swing from -$22 to +$3. Energy prices are holding strong gains. Oil +1.0%
Suffice to say... the algo-bots will be ready to snap prices one way or another... real soon.
Considering the bigger daily cycles.. especially those of the Trans/R2K, I am seeking renewed weakness into the close.
A daily close <2039 would make things much more clearer.
Notable weakness, TWTR -2.3%... unable to hold the $40 threshold... looks set for broader declines to around $30... regardless of how strong the market might be into year end.
2.04pm... Twitchy market... USD slips a touch lower.... metals bounce... but still look overall weak.
... watching the cheer leaders on clown finance TV talk about how many times word X or Y was mentioned...... utterly embaressing.... and of course... pathetic.
2.06pm... Wild swing to the downside in Gold... from +$3.. to -$12... in minutes
2.21pm.. Gold back to flat.... still very twitchy though.
Main market looks stuck.... typical turn time is 2.30pm.. as ever.....
First downside target is a daily close under the 10MA of sp'2040/39.
2.25pm.. baby bear flag on the smaller 5/15min index cycles being confirmed... weakness into the close... anything <2037 would be a bonus to the bears.