12pm update - it remains messy chop

Equity bears achieve another fractional break of the 50dma... to sp'2074... but again... downside action is simply not being sustained. Market remains stuck under key resistance of 2088/89. Metals are weak, Gold -$8. Oil is battling to hold minor gains of 0.4%


sp'60min

sp'daily5

Summary

*A quadruple spike top on the daily chart.. its certainly bearish.. but any daily close >2088 would be VERY significant, and offer a straight run to new historic highs.
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So... it remains moderate chop... stuck under resistance.. but with the bears unable to sustain any downside move. There is little else to add.

notable weakness: AA, -4.6%.. with a new multi-month low of $12.96.

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VIX update from Mr T.



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time for lunch