3pm update - weakness into the close

US equities remain broadly weak, with more significant declines for the two leaders - Trans/R2K, lower by -1.3% and -1.1% respectively. Energy prices remain under severe pressure, Nat' gas -4.9%, whilst Oil -4.0%. VIX is higher by a notable 17%.


sp'daily3

Summary

*the above fib retrace chart assumes a short term top of sp'2076, but I have LOW confidence that a retrace is even underway. There have been many teases like this across the last few weeks. Ironically, it will only be once there is confidence/clarity, that we'll probably have seen 80/90% of the pull back anyway.
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So... we'll close in the red today, and next target for the bears should be a daily close under the recent low of sp'2049. That seems possible tomorrow.

At best... a pull back to 2020/1980 zone. In the scheme of things... its all minor noise.
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Notable bounce in the metals...

GLD, 5min

The fact that USD continues to increasingly coo todal, -0.3%.. is not doubt helping metals.