1pm update - holding within a big bear flag

US equities are a little higher, with the sp +4pts @ 2085. Sustained action in the 2090s looks unlikely, with threat of a marginal net daily decline. Commodities remain under pressure, Gold -$4, with Silver, -0.9%. Oil is having major issues, -2.3% in the $42s.


sp'60min

GLD, daily

Summary

*metals/miners remain broadly weak... there is nothing good there...  but then.. I'd guess Hemke and other gold bugs are still bullish. What else could they be?
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So.. another micro wave higher.. and we're positive again.

Without question though.. price action is broadly subdued.. and it seems just a matter of when the next break comes.

I'm guessing we'll see a sig' net daily decline tomorrow... with a key break under the 200dma of sp'2063... and perhaps a net daily close in the 2050s.

The 2020s look viable next week.
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back at 2pm