1pm update - continued moderate chop

US equities remain in chop mode, but clearly, still leaning on the upward side. With the sp +4pts @ 2040, the recent high of 2056 is indeed very close.... yet even with some bold talk from the Yellen, a new cycle high looks difficult. Metals are broadly flat, whilst Oil is -0.8%.


sp'daily5

Summary

Eyes on the 50dma.. currently at sp'1944...  and which will be in the 1960s in early April.

Even the most bearish of bears should recognise a sustained move <1950 in any initial down wave into April looks out of range.

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notable weakness... TVIX, daily

With the VIX still broadly subdued, the VIX instruments remain vulnerable.
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.. I really should cook. Hmm