12pm update - still above rising trend

Despite a touch of renewed weakness, US equities are still holding above rising support... and well above the Monday morning low of sp'2079. Until a daily close in the 2070s - with VIX 15s, equity bears can't get confident. Metals remain choppy, Gold -$1.. whilst Oil +0.7%.


sp'60min

VIX'60min

Summary

Hourly MACD cycle is primed to turn negative within the next hour or two. In theory.. that would suggest much lower levels by the close.

Yet. .we saw the same setup yesterday morning, and that didn't work out so well for those in bear land.

notable weakness:  copper miners, FCX -3%.. TCK -6%... as metals remain broadly weak.
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VIX update from Mr T.



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time for tea