11am update - underlying upward pressure

After a brief scare to sp'2049, normal service has resumed, with a move into the sp'2060s. More notably, the USD is +0.2% in the DXY 99.60s. The giant 100 threshold is clearly viable at any time. Metals remain broadly weak, Gold -$7, with Silver -0.3%. Oil is bouncing from early lows, -1.8%.


sp'60min

Summary

.. and that is why I can't be shorting this madness, as any opening reversal is itself prone to reversing higher.

We've a clear low of sp'2019.. and underlying pressure is set to remain bullish into December... making any attempt to short the market (even for brief day trades) overly risky.

Yes.. we're still due to retrace/cool... not least if Oil remains weak into tomorrow morning. Yet.. at best, market will probably want to merely build a baby bull flag... and settle the week somewhere in the 2070s.

--
notable weakness...

Miners, ETF of GDX

Price structure is a clear bear flag... stuck under the daily 10MA. With Gold on track for the psy' level of $1000, the miners will unquestionably be dragged lower. Ugly sector... much like oil/gas stocks.