11am update - shaky gains

US equities are increasingly mixed, with the sp'500 having slipped from an early high of 2110, back to effectively flat at 2100/2099. Metals remain significantly higher, Gold +$18, as the USD remains broadly weak. Despite a net weekly inventory draw, Oil is starting to cool.


sp'60min

Trans, daily

Summary

*notable weakness in the Transports...  if the decline continue just a little further, it would be a problem for the equity bulls.
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It is arguably pretty important for the bulls to achieve some net daily equity gains, although unlike yesterday, the market didn't even open lower.

Best guess....we battle upward into the sp'2135/45 zone... but clearly, the bulls are having a difficult time.

*EIA report, net draw of -2.2 million barrels, which was certainly much better than most expected.

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The metals are battling to achieve a major breakout, but as ever... its very difficult...

GLD,60min

We have a spiky hourly candle.. and that is probably the high of the day, unless the USD sees another wave lower.
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stay tuned.