12pm update - minor chop

US equities remain moderately weak, with the sp' -2pts @ 2053. Price structure on the smaller 5/15min cycles is offering a bear flag with renewed weakness in the late afternoon. The 2025/20 zone still looks viable... whether Tue/Wed.


sp'60min

Summary

So... nothing particularly dynamic going on in the broader market.

Best guess.. further weakness late today/tomorrow. Were I considering an index long (which I'm not)... I sure wouldn't be in any hurry right now.... not least with more sporadic Greek/ECB headlines due tomorrow and Wednesday.

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Notable weakness

AA, -5%.. set to lose the 200dma in the 15.50s...

... looks pretty ugly. Until it can get a monthly close in the $18s.... I am increasingly skeptical.
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VIX update from Mr T.


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*I am short the precious metals via SLV from the $16.30s. The mid/low 15s look viable in the near term.... with broader downside to 12/10 by late summer.
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time for tea... in bed...    back at 2pm