12pm update - pushing higher

US equities have put in a key reversal, swinging from sp'1976 to 2016. Bullish engulfing candles are starting to appear on some of the daily index charts. First upside target is sp'2025. Metals remain choppy, but well below the opening levels, Gold +$7. Oil has reversed... +1.8%


sp'daily5

GLD, daily

Summary

Another very dynamic day in market land.

No doubt, many bears who are still holding short, are getting real annoyed about. With the FOMC announcement.

Action in the metals is interesting, Gold - already having turned red... should see renewed weakness into the close... but more so.. post-Yellen.

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VIX update from Mr P.


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time for...tea :)

11am update - the reversal is holding

The opening reversal is holding, with the sp' already having climbed to 1994. A break over the hourly 10MA will be significant, and offer a pre-FOMC floor of 1976. Metals have lost ALL of the early gains, Gold -$2.. taking the miners with them (GDX swinging from +4.5% to -0.9%).


sp'60min

GDX, daily

Summary

*another interesting day in market land.. with just 12 trading days left of the year... hey... at least its not boring!
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So.. reversal candles all over the place... and with the FOMC meeting now underway.. with a policy announcement tomorrow at 2pm.... the equity bears arguably should have bailed.

Without question, tomorrow will be the last big trading day of 2015. It has been a crazy year... but more on that later this evening.....
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Russia: -13% @ 624...  secondary 'core support' is around 550.. around 12% to go.
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*Key break above hourly 10MA... achieved... bears are on the run.... big stops being hit.

FIRST upside target... 2025.

10am update - opening reversal

US equities open moderately lower, with a new cycle low of sp'1976. VIX remains literally 'broken', with bizarre momentary spikes to the upper 24s.. 'Real VIX' is somewhere in the 21s. Metals are strongly higher, Gold +$18, whilst energy prices are weak, Nat' gas and Oil, both lower by around -1.6%.


sp'60min

VIX'60min

Summary

*VIX is indeed a real mess. The price prints have been 'weird' since last Friday. Is this going to be a new 'feature' from the CBOE? urghh
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So.. we're lower, but there is going to be persistant threat of a reversal.. and renewed upside from here.

Opening hourly candle is now offering a spike floor....

The FOMC clock is ticking... Yellen is on her way... bears... beware! There can be NO excuses later this week.
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Notable gains, GDX +2.6%.. reacting to the initial gains in metals.
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10.01am.. Metals are cooling, Gold has slipped from +$24 in pre-market to +$12.... GDX is already close to turning red.

VIX +5% in the mid 21s....

For those watching a lot of individual stocks... a LOT of reversal candles right now..... inc. Ford.. bouncing from the $13.90s



10.18am... R2K... Dow... turning positive.

First target.. sp'1995... but that target is to be reduced each hour.


10.46am.. minor chop... and the reversal.. so far is holding.

Metals set to turn red... and take the miners with them... and it ain't even Fed day yet.