10am update - rally underway

US equities are rapidly building early gains, with first soft target of sp'2050 already achieved. A daily close above the 50dma of 2060 now looks probable, with a weekly close in the 2070/80s. VIX is naturally cooling, -5% in the 15s. Metals are higher, but set to resume lower, Gold +$2.


sp'60min

sp'daily5

Summary

*note the daily MACD (blue bar histogram) cycle.. starting to tick upward... although it will take at least 3-4 days to get a bullish cross.
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So... it took a little longer than I expected.. and the market floored a little lower than the original target of 2065/60.

Regardless... price action is offering some clarity... we're headed higher into the weekend.
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Notable weakness: INTC, -3.5%, which is impacting the drive makers, STX -2.5%