US equity indexes continue to battle it out, with continued threat of cooling into the sp'1930s..with VIX 23s. As things are... most equity indexes are still on track for net weekly declines (<sp'1958). Gold remains notably weak, -$7. Oil has lost most of the early gains, now +0.5%.
Hourly equity cycle is offering a baby bull flag, and to me.. that is now the major threat to those holding short across the weekend.
Even if we cool to the sp'1930s this afternoon, there will remain risk we'll see further upside on Monday to the 1960s.. and keep on going for a few weeks to the 200dma - which by mid Oct' will be in the 2050s.
For now... that remains my key concern.
Meanwhile... today's price action feels like being on the SS Bear.... which has a rather significant hull breach.
Not that I'm watching a movie from 1943.
back at 2pm