10am update - just a retrace

US equities open moderately lower, and a natural retrace of the Wednesday hyper-ramp is well underway. Market looks set to floor somewhere in the 2090/80 zone... before resuming back into the 2100s. Metals are weak, Gold -$6. Oil has resumed collapse mode, -4.7%


sp'15min - fib retrace

sp'daily5

Summary

Without question, this is just a minor retrace.

Everyone is getting another chance to re-position... whether to go long.. or to exit any remaining equity shorts.

On any basis, market will have floored by 2.30pm... or sp'2080... whichever comes first.
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Notable weakness, energy stocks, RIG -5%.... and if Oil loses $40. then new lows are due.


10.27am.. increasingly looks like market will floor around 2086/84.. by 11am.... and then UP.

Regardless... the 50dma looks secure... we ain't going under there any time soon.