US equities look set for renewed weakness in the closing hour, with a daily close in the sp'2040s, with VIX 16s. Metals are set to hold a second day of gains, Gold +$24. Oil is seeing renewed strength, +1.3%.
No doubt the intraday bounce will have annoyed the bears, but still.... price action is VERY suggestive that we're finally seeing a retrace.
The only issue is how far down.
Ultimate problem for the bears is the Fed... with the FOMC of next Wednesday.. likely to be a brick wall to more substantial declines.
Notable declines: airlines.. pressured by rising oil... DAL/UAL, both lower by around -3.5%
updates... into the close
3.17pm.. sp'2056.... pretty tedious again, but seriously.. who the hell would be buying here?
VIX is holding gains of 7%... and that does not favour the bulls, despite the R2K higher by a powerful 1.6%
3.30pm.. Market remains stuck at the 50% retrace of 2056 or so.
I'd only get concerned that today was another tease to the bears, on any daily close >2060.
3.46pm.. sp'2058.... truly tiresome.... with R2KJ +1.5%.... incredible turn around...