11am update - bearish engulfing hourly candle

US equities see a morning high of sp'2005, but have reversed to 1987, primarily as a result of a very powerful swing lower in the USD, from +1.3% in the DXY 98.40s to -0.7% in the 96.40s. Metals are holding sig' gains, Gold +$14, with Silver +1.9%. Oil is -1.5% in the $37s.


sp'60min

UUP, daily

Summary

So.. the cash market came pretty close to reaching the pre-market gain of sp +21pts @ 2010... but the reversal is pretty significant.

The hourly candle is of the bearish engulfing type, and normally that would have me seriously bearish.

Yet... we have the FOMC next week, and for now, I still see little reason for the bears to get involved.
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*VIX is showing little sign of concern, currently 1.6% at 18.05

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Here in London city....

Not exactly inspiring, that is as close to sunshine as there is today.

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time to cook
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11.10am... re: German market.. DAX.. interesting it reversed from 9995. The 10K threshold is indeed powerful resistance.   Currently -0.6% in the 9600s.
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11.24am Germany -1.4% in the 9500s..

sp -9pts @ 1979...  if 1977 fails... next level is price cluster zone of 1960/50


11.29am.. well, there goes 1977... so.. a move to 1960/50 zone looks due.

11.35am....bulls getting spooked... refined zone... 1960/45... which would equate to VIX 20.50/21s.

... and Oil is not helping, -2.4% in the $37s. A test of $39/40 still looks viable next Wednesday.