2pm update - awaiting another down wave

US equities are holding moderate gains, but there is little for the equity bulls to be pleased about. Further weakness looks due next Tue/Wed', before Draghi announces it is time to spool up the printers for more QE. Gold is holding gains, +$18, whilst Oil is building gains, +3.6%


sp'60min

GLD, daily

Summary

We could easily see continued chop into the long weekend....

regardless though... a hit of the 200dma of sp'1965 still looks highly probable.. before this nonsense starts a new multi-week up wave.

The ONLY issue of importance now.... how strong is the next wave. A lower high (<2093)... or 2100s?

Right now... considering the QE.. a new high in Feb/March still looks due.
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