12pm update - clawing upward

US equities continue to battle to hold the morning floor of sp'1891. The hourly cycle is clearly on the low side, and its notable that even a recovery to the 1925/30 zone would threaten just another lower high. Gold is starting to cool from earlier highs, now +$19. Oil has recovered from earlier declines, now -0.4%.


sp'60min

VIX'60min

Summary

*despite another oil weekly surplus of 3.5 million barrels.. its another instance where the market is still able to recover on a lousy number.
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The 11am hourly candle sure should start to be giving the bull maniacs a little hope that we've a short term floor.

Similarly.. the equity bears should be VERY mindful that from a pure cyclical perspective.. there is high threat of renewed upside.. all the way to sp'2K.

As ever... protective trading stops will help solve some of those uncertainties/threats.

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VIX update from Mr T.



I was thinking about VIX May 40s last night.... but from sp'2K.. with VIX 16/15s.

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time for lunch