sp'60min
GLD, daily
Summary
re: metals. It remains the case that broader price action has been inverse to equities since the Dec'2015 low. Price structure is offering a bull pennant/flag, with another lurch higher due in the short term -certainly within 3-5 trading days.
.. if correct. .that bodes bullish for the related mining stocks.
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As for the broader market... well, its clearly messy, but it looks like we'll see a net daily decline. The issue is whether we'll negate all of the Monday nonsense.. or just part of it.
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notable weakness... AMZN, daily
Sub $700s are probable, the ultimate issue is whether the Feb' low of $474 is eventually taken out.
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2.27pm.. A clear break lower.... sp'2042... a close <2039 is viable.. and that opens up 2000/1990 within the near term.
A H/S formation scenario offers 1970/60s... before next bounce.
In either case.. bulls have a problem.. as the Monday nonsense has been negated.