1pm update - still stuck under 2102

US equities remain holding moderate gains, but are still clearly stuck under the Thursday bounce high of sp'2102. Renewed weakness into the weekly close would bode for a test of the 2072 low next Mon/Tuesday. Metals remain weak, Gold -$10. Oil is now significantly lower, -1.9%. as the USD +0.8%


sp'60min

USO'60min

Summary

*the weakness in Oil is very natural.. having hyper-ramped by 25.6% across April. Another 1-3% lower would do nothing to the broader trend.
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Okay.. as ever... its about thresholds.. and 2102 will be the one to watch for the rest of today.

Best guess... renewed weakness... to the low 2070s next Mon/Tuesday. That would be in sync with a rising USD.. and falling Oil.

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notable strength: AA +5.1%.. as it breaks back above the old floor.

weakness: TWTR, -3.5% in the $37s... as most recognise, there is no floor until the 36/34 zone.


1.29pm.. STILL stuck <2102... and with each minute... it gets that bit harder for a breakout.

I'm inclined to see this rolling lower into the weekly close... with downside to the low 2070s next Monday.

*eyes on BABA... with a floor of $80.12....  earnings at the Thursday open.. but more on that one next week!