11am update - yes, it sure remains weak

Without question, the broader market remains weak, not least pressured by Oil, which has seen yet another powerful bearish swing from +2% to -1.5%. Despite the morning weakness, equities still look on track to climb into Friday/Tuesday. The sp'1970s are not a bold target at all.


sp'60min

Summary

Yet another day where opening gains quickly failed to hold. That is something we're increasingly seeing, its just a matter of time before the mainstream mood gets spooked. The opening declines to the year were significant, but there has absolutely been no capitulation in the near term.

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notable weakness...

Ford (F), daily

Frankly, its now one of the most bearish charts out there. You should be able to discern a slanted H/S formation. Note yesterday's black-fail candle... and we're spiralling lower.

*the bigger monthly cycle is highly suggestive of $8.00 by the summer.... and that would almost certainly equate to the sp'1600/1500s.
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Meanwhile... in London city...

Its a rather nice sunset, if somewhat chilly.
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time to cook !