2pm update - algo bot melt

Despite some minor chop, US equities remain a little higher, sp +4pts @ 2114. The VIX is confirming the relentless series of historic highs, -4% in the 13.80s. Metals remain weak, Gold -$4. Oil is cooling a little from earlier gains, +0.8%.


sp'60min

VIX'daily3

Summary

Its starting to get real tedious again.

Next issue for the market... Yellen part'2... tomorrow its the US congress.

--
Notable strength, HD +3.9% in the $116s.. after good earnings.

1pm update - cyclical weakness

The hourly equity cycles are set to turn lower for the rest of today, although the new historic high of sp'2116 is of course highly notable. Metals remain weak, Gold -$4, with Silver -0.6%. Oil is holding gains of 1.4%, but as ever... highly vulnerable to swinging lower at any point.


sp'60min

sp'daily3

Summary

*slightly adjusted fib retrace chart. Right now, 2065 would be a valid min' target... for next week.
--

So... Yellen (at least part'1) is out of the way.... with 3 hours to go... lets see if we can get a net daily decline.

First soft target is yesterday's low of 2103... but more importantly... 2100.

12pm update - Yellen not helping metals

With Yellen continuing to talk, the precious metals remain weak. Gold has seen a key break below key rising support, -$9. A break of the $1130 low from November seems a given.. with $1000 this coming late spring/summer.


GLD, daily

Summary

Little to add... whilst the Yellen continues.

--
VIX update from Mr P.


--
time for tea
-


12.17pm.. Yellen finally wraps up....

Equity hourly cycle looks maxed out at 2116... so.. lets see if we remain stuck for rest of the day.

*notable weakness, oil/gas drillers, RIG/SDRL, both lower by around -3%