2pm update - a little weakness

US equities are a touch weak, as the hourly cycles are ticking lower. Broadly though, all indexes are set for powerful net weekly gains. Gold is holding strong gains of $16, and is set for a net weekly gain of around 1.6%. Oil has turned a little lower, -0.4%.. but still.. a rather extreme net weekly gain of around 8%.


sp'60min

GLD, weekly

Summary

Not much to add.

There is zero reason to expect any significant move into the close.

Underlying pressure is increasingly to the upside.. and frankly... my 'white flag waving' in the sp'1960s this past Monday morning now looks a long way down.

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*considering the past week of price action, I'd consider picking up a moderate long position next Monday on any further minor cooling to the 2000/1990 zone.
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back at 3pm