3pm update - upside into the close

US equities look set for moderate net daily gains, with a viable daily close in the low sp'2050s. VIX looks set to close a touch red in the 16s. Metals remain broadly weak, Gold -$7, with Silver -1.5%. Oil remains weak, -0.7%.


sp'60min

VIX'daily3

Summary

So... yes... we probably have a floor of sp'2040.. along with a VIX cycle high of 17.19.

There is viable upside to the 2070/80s by the Friday close, although realise some would be highly dismissive of that scenario.
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Notable strength: TSLA +2.5%
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3.26pm Despite a touch of weakness to sp'2042... the R2K/Trans are not showing any problems... and it still bodes for upside into the weekend.


3.40pm.. I realise some will be getting spooked right now, but really.. the Trans/R2K are NOT confirming the move. The VIX is a little higher...but remains relatively subdued.

notable weakness, AAPL -1.6%... that is not helping the broader market.

2pm update - the battle continues

US equities are battling to hold the earlier low of sp'2040. There is notable significant strength in the Transports, +1.0%. Metals remain broadly weak, Gold -$9, with Silver -2.0%. Oil is similarly weak, -2.2%.


sp'60min

Trans, daily

Summary

*yesterday saw a notable break of rising trend in the Transports, and it remains the only key break the bears have achieved this year.
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VIX has just broken into the 17s.. which is ironic considering the minor chop in the main market.

1pm update - market battling to climb

US equities remain in chop mode, but there is a somewhat obvious attempt in progress to retake the sp'2050s. VIX remains subdued. Metals are weak, Gold -$11.. set to lose the Nov' low of $1130. Oil remains weak, -2.1%


sp'60min

sp'daily5

Summary

Not much to add.. on what is arguably a turn day. Yes.. we broke a lower low today of sp'2040, but really.. market looks exhausted on the downside.

A bounce into the 2070/80s looks VERY probable.. and if we see a short-stop cascade.. then those levels are viable into the Friday close.

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Notable strength: INTC +3.0%