12pm update - spike floor candles

The market is battling to hold the earlier floor of sp'2077. The most recent 3 hourly candles are all offering spike floors... highly suggestive that the down wave from 2125 is complete. USD remains very weak, -1.0% @ DXY 94.10s. Metals are a touch weak, Gold -$2. Oil has significantly cooled.. now just +0.7%.


sp'60min

sp'daily5

Summary

So.. we're still moderately lower, but all things considered, it looks like the market wants to build a double floor of sp'2077.

It would seem Mr Market wants to sell lower into the monthly jobs data.. and then rally on it. Regardless of what the data is this Friday morning, it'd seem to be a case of 'isn't everything great again?'

notable weakness: CHK -6.8% after earnings which beat (11 cents vs 4 exp).. but still.. 11 cents is a lousy number.. and its not surprising the stock is selling lower.
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*I continue to have eyes for Gold-short, will consider in the 2pm hour...

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VIX update from Mr T. 


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time for lunch

11am update - provisional floor

US equities have put in a reasonably secure floor of sp'2077.. having swung from an opening high of 2098. There is notable weakness in the USD, -1.2% in the DXY 93.90s (primary target from 100.71). Metals have swung moderately lower, Gold -$2. Oil is holding sig' gains of 2.6%.. as inventories are negative!


sp'60min

Summary

We have a pretty clear floor of sp'2077.. and the current hourly candle is offering a double floor.. from the low of April 30'th.

VIX is naturally cooling.. having maxed out at 15.66.

For the equity bears out there... that is probably it for this cycle... having fallen from 2125.

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I'm not surprised Gold has turned lower (opening black-fail candle).. but am currently suffering from a mild case of trader paralysis. Oh well, at least I'm not losing money.

Will consider a GLD short on the next micro up cycle into the afternoon.
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re: USD - via UUP

We're just about at the start of primary target zone of 93/92s... 

If main market can rally to sp'2170s or so... perhaps that equate sto DXY 90/89... before the next hyper wave to the 120s?

10am update - opening reversal

US equities open higher to sp'2098, but almost immediately collapse back. Next support is around 2080/77. Metals are a little higher.. but look vulnerable for rest of the week, Gold +$3. Oil is holding sig' gains of 2.4%


sp'60min

Summary

Well, that is quite an interesting opening swing!

Market should be able to level out in the 2080/77 zone. Any move <2077 would be a problem, and suggestive of a challenge of the 200dma.

notable weakness, TWTR -1.4% in the $36s.... the Dec' low ain't far off now.

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I have eyes on Gold - as a viable short.

15min

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stay tuned!


10.01am Viable floor of sp'2080.... on soft rising support.... bears... beware!


10.11am. ohoh.. sp'2077... this is starting to be a problem....

Yellen needs to stop talking and start hitting the ES mini BUY button !


10.15am.. Its ironic that despite the USD breaking multi-month lows... equities are not benefiting.

USD -1.1% in the DXY 93s... at primary target zone!

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notable weakness: DISCA (Discovery), -2.5%.. as the bigger bearish formation remains intact (downside this summer would 25/22 zone)


10.34am... Oil inventories... -3.9 million !

WTIC +3.2%... in the $62s... headed for 65/67