US equities continue to hold significant gains. Price structure on the smaller 5/15min cycles is a micro bull flag.. offering the 2085/87 zone by 2pm. VIX remains cooling, -4% in the low 14s. Metals remain very weak, Gold -$14. Oil has turned negative, -0.7%.
sp'15min
sp'60min
Summary
Not much to note...
It looks like we'll hold gains into the early afternoon, with the first chance of renewed weakness.. more likely after 2pm.
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notable gains, AAPL +1.8%. INTC is cooling after last Fridays ALTR bid-talk gains, -1.5%
US equities open with borderline significant gains, already breaking into the low sp'2080s. VIX is naturally cooling, -6% in the low 14s. Metals are weak, Gold -$13, whilst Oil is holding minor gains of 0.5%.
sp'60min
VIX'60min
Summary
An interesting open... we're borderline on the edge of going too high for price structure to still be called a bear flag.
Bears need to hold the line after 11am... otherwise.. weekly cycles will start to turn back upward.
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In any case... we'll likely cool lower later today... the issue is.. by how much.
10.42am... hmm..... next zone is around sp'2085/87... seems more likely by 2.30pm
Good morning. Futures are moderately higher, sp +11pts, we're set to open at 2072. There will be strong resistance in the 2070s, and renewed weakness is very probable.. as suggested by the bigger weekly cycles. Metals are sharply lower, Gold -$13. Oil is +0.4%.
sp'60min
Summary
So... we'll be trading in the sp'2070s this morning, and I'm guessing we'll get stuck there.
All things considered, it will be a valid area for anyone currently long to make an exit... and also a very natural re-short zone.
Price structure is arguably a multi-day bear flag... that stretches back to the Wed' morning low of sp'2045. If it is... then there is straight forward downside to at least 2039 in the next wave.. if not the 2010s, where the 200dma is lurking.
First things first though... lets see if we can get stuck by 11am this morning.
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Update from Oscar
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Doom chatter from Hunter, with PCR.
I'm no fan of PCR, but there are a few bits in there worth catching, not least his feisty rebuttal against Hunter on Iran, highlighting how the western powers have been meddling for decades. It remains pitiful how ignorant most people are in not knowing that the USA/UK overthrew a liberal - and democratically elected Iranian Govt' in the 1950s. Why did they do that ? Ohh yeah, to get hold of the Oil at a better price than the Iranian leadership had offered to sell.
.. but we're the 'good guys... right? Thus concludes today's history sermon.
