2pm update - moderate declines

Equities remain moderately weak, although from a pure cyclical perspective, renewed upside remains due. VIX is not reflecting any market concern, -1.5% in the low 13s. USD is +0.1%.. although metals are battling higher, Gold +$2. Oil is +0.6%.


sp'60min

GLD, daily

Summary

*the ongoing six day rally in Gold is marginally interesting, but then, that is after the USD has declined by almost 4% from last weeks high of DXY 100.70s.
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Little to add.

Today's equity declines barely rate as moderate... and I'm still looking for the sp'2120s in the near term. Weekly cycle offers the 2130s.

Clearly, soft line in the sand is the retrace low of 2085.. unless that fails (highly improbable)... bears have nothing to tout.
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Notable strength in the momo stocks, TWTR +5.2%, NFLX +3.3%, FB +1.5%