sp'15min
Summary
Resistance zone of 2044/48. Line in the sand is arguably 2050.. which itself is a mere 1.5% from the recent cycle high of 2079.
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Seeking renewed downside after 11am.... a daily red close... VERY viable... along with VIX 19/20s.
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Metals are weak... Gold -$9
GLD, daily
Overall price structure is still a bear flag... with a series of lower highs... and lower lows. $1130 as a key multi-year floor for Gold.... makes ZERO sense. We still look headed for 1000/900s.
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Notable weakness: miners.... FCX -3.2%.. .see yesterday's 'fair value' post on the copper miners.
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stay tuned!
10.07am... smaller 5/15min cycles... spiky candles.... first sign of this opening bounce...maxing out.
Eyes to the VIX...
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10.24am.. sp'2050... well... right on the border. Considering the past few days of price action, it'd be real bizarre if we don't reverse from here.
Notable strength, airlines... DAL +4.5%
10.31am... sp'2054... crazy.... a mere 1.2% from breaking a new historic high.