3pm update - weakness into the close

US equities continue to slowly, but consistently unravel, with the sp' lower by a significant -25pts, at 2088. A daily close in the 2090/85 zone - where there are a number of aspects of support, seems probable. Metals are holding moderate gains, Gold +$4. Oil is set to close higher by a sig' 2.5%


sp'60min

Summary

.. pretty interesting day, finally the bears look set to achieve some sig' net daily declines.

I'm a little surprised we already reached the 2090/85 zone.. which seemed more likely tomorrow than today.

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*I continue to watch the Gold... but will hold off for today... another gap higher looks viable tomorrow.

15min

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updates into the close. esp' if we fall <2085.
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3.35pm... Hmm, sp' 2092... a minor up wave... but it'd seem another wave lower is due in the closing 5-10 minutes.

notable weakness: DISCA -1.6%... after good earnings... but market still not happy as there are 'strong dollar' issues with this intl. company.

2pm update - no buyers today

US equities are increasingly weak, with significant declines for some indexes, notably the R2K and Nasdaq comp', both lower by around -1.5%. Precious metals are holding moderate gains, Gold +$4, but price structure is a very bearish wedge. Oil is holding sig' gains of 2.9%.


sp'60min

GLD,'60min, Elder.

Summary

*The metals remain broadly weak, and I'm considering shorting Gold via GLD. For now... its 'interesting' to consider viable downside into the Friday close.
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It looks like we'll close somewhere in the sp'2090/85 zone.. ahead of the ADP jobs report.

As ever, VIX is without question still generally subdued.. stuck in the lowly 14s. I can't take VIX seriously until it can break/hold the low 20s.. and right now that looks highly unlikely in the near term.

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notable weakness: FXI (long China) -3.6%.. as market is pricing in another overnight decline.

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*it is notable that Oil faces the next set of inventory reports, with API some time after the close.

1pm update - no latter day recovery

US equities remain moderately weak, and for once... a latter day recovery looks increasingly unlikely. Next downside target is the sp'2090/85 zone... and is certainly viable tomorrow morning. Metals are cooling from earlier gains, Gold +$4. Oil is holding sig' gains of 3.1%.


sp'60min

Summary

Underlying MACD (blue bar histogram) on the hourly equity cycle is now negative.. and looks headed lower into tomorrow.. and probably Thursday too.

Things really only get 'marginally interesting', on sustained action under 2072.. but right now, that looks out of range, even if the market doesn't like the Friday jobs data.

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notable weakness.. FB, -1.6%.

Next support is around $74... and that sure won't help TWTR.. which is increasingly subdued...melting toward the Dec' low of $34s.