US equities are testing the recent micro double low of sp'1988.. but price action remains dowdy, and there is high opportunity for the bears to make a play for the 200dma @ 1973. VIX is confirming the mild market concern, +4% in the 21s. Metals remain weak, Gold -$20.
... suffice to say... it ain't so pretty.
A fail of 1970s to hold.. will open up the 1920/00 zone next week.
Notable weakness, FCX -5% in the $16.50s.. takes out the low from May.. 2009.... incredible.
11.13am.. 3 spiky hourly candles... offering a sub'3 wave floor of sp'1989.
I suppose some could look for a sub 5' late today/early tomorrow.. for a brief test of the 200dma (1973).. before powerful rebound.
11.34am.... micro up cycle in equities...
more interesting though... Gold -$25 (-2.0%).... a multi-week peak looks to be in... holding to broader targets for the summer.