11am update - chop chop

US equities remain in minor chop mode... but are starting to lean weak. From a pure cyclical perspective, the hourly cycle is offering a rollover from sp'2064. Equity bears should be seeking a moderate net daily decline, with a viable break of the 2039 low tomorrow.


sp'60min

VIX'60min

Summary

Not much to add.

That upside gap of sp'2081/77 remains a threat, but if we going to break 2039 low.. we really shouldn't go much higher than this mornings high.

The bigger weekly cycles are  increasingly swinging back to the equity bears... first real chance of significant and sustained downside... late May.

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notable weakness, miners, GDX, daily

A clear break of trend, but broadly... the metals AND miners are still exceptionally bullish... so long as the USD doesn't explode through the DXY 100 threshold.

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time to cook