2pm update - the chop continues

US equities remain a touch weak, having seen a minor rally - due to Oil clawing from -3.0% to -0.7%. Metals remain highly vulnerable on rising support, Gold +$1. Equities remain in minor chop mode.. ahead of the Yellen tomorrow morning.


sp'60min

GLD, daily

Summary

*Gold sure looks weak, failed morning rally... highly vulnerable to renewed significant weakness.
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As for equities, market will typically turn around 2.30pm.. so.. unless the bulls can break sp'2110 within the next 30mins... there is likelihood of weakness into the close...

Seeking a break of the morning low of sp'2103.

1pm update - still weak

US equities look increasingly weak, and even the Nasdaq looks vulnerable to closing red, for the first time in nine trading days. Metals also appear increasingly weak, Gold -$1. Oil remains significantly lower, -2. %.


sp'daily5

Summary

Seen on the bigger daily cycle, this market is looking real tired.

Frankly, I'll be surprised if market can break a new high this afternoon... more likely...a  break of the morning low of 2103.

A daily close under *2100 now looks viable.

*yes.. the notion of a close under 2100 is pretty bizarre.. if you think about it.

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Notable weakness, copper miners, FCX and TCK, both lower by around -3%

12pm update - minor weak chop

US equities remain a touch weak, although as has been the case for the past five trading days... there is typically strength into the mid afternoon. VIX is holding slight gains of 3% in the 14.80s. Metals are a touch higher, Gold +$1. Oil remains weak, -2.5%.


sp'60min

Summary

There is a little divergence on the hourly equity cycle.. and it does bode in favour of the equity bears for tomorrow.

As ever.. its a case of not so much as what Yellen will say.. as how to the market will interpret her random blabberings.
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Notable strength: AAPL +1.7% in the $131s.. .but clearly...... getting over-stretched

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VIX update from Mr P.


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time for lunch, back at 1pm