1pm update - significant swing

The sp'500 has already seen a significant swing from sp'1891 to 1910. Price action remains pretty twitchy, but cyclically, we're set to battle upward for the remainder of the week. Metals continue to cool from earlier highs, Gold +$13. Oil is +0.6%... making for a 4% swing from early lows.


sp'60min

GLD, daily

Summary

re: Gold. Note the black-fail candle on Gold....a lower high (whilst miners broke a higher high).

Broadly.. I would only feel comfortable going long gold - via GLD, in the red zone.. equating to Gold $1180/70.
--

As for equities.. clearly.. the morning break under the sp'1900 threshold was a bit of a scare, but still... those weekly cycles still bode for higher levels.. before the next grand rollover.

--
back at 2pm