12pm update - price structure is bearish

US equities remain in minor chop mode having already turned briefly negative. Price structure on the hourly cycle is a rather clear bear flag... and is highly suggestive of new cycle lows - as also supported on the daily cycle. Metals look especially vulnerable, Gold +$4.


sp'60min

GLD'15min

Summary

Market appears to be seeing a battle - if very subtle.... as some are still looking for immediate new historic highs.. whilst some (myself included) are seeking at least a test of the 50dma in the sp'2060s.

Price action, structure, and from an hourly cyclical perspective... favours the latter.

Notable weakness, airline Delta, DAL -1.7%... as a plane skids off the runway. Not the best of days to fly.

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VIX update from Mr T.


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time for tea... back at 1pm