2pm update - short stop cascade

US equities have seen a micro snap higher, as the sp'2102 high is taken out. Some weakness into the weekly close still looks due, but clearly, a net daily gain is now due for most indexes. Metals remain weak, Gold -$7. Oil is -1.6%  and looks set for further weakness early next week.


sp'60min

Summary

A short-stop cascade is clearly underway as the 2102 high is taken out...

With the USD and Oil as they are... I'm still inclined to another wave lower in equities next week... but I ain't getting involved, I've eyes on other things!

--
notable strength, AA

A clear break above the old broken floor... and with the strong daily gain... a move to next resistance of $15 looks due. I'm still broadly bearish on AA though, the bigger monthly cycle is still suggestive of $10/9.. although any break >$15 would argue against that kind of move this summer.