12pm update - break of rising trend

With some renewed weakness, there has been a marginal break of the rising trend that stretches back to the Fri' low of sp'2039. Oil has built sig' gains of 2.8% in the $45s.. as some are again touting the big $50. Metals are cooling from earlier highs, Gold +$6, with Silver +1.4%.


sp'60min

USO'daily2

Summary

*at the current rate of decline, the hourly MACD cycle will see a bearish cross no later than 2pm.

In theory... the market should increasingly weaken, a daily close in the 2065/60 zone seems probable.
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re: Oil - a break into the WTIC $47s would be an important new high.. and bode for further upside to the big $50 threshold.

If we're going to see the main market break the sp'2039 low, oil must not go much higher.
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time to see what the cheerleaders are saying on clown finance TV......