3pm update - new highs into the close?

With a micro cycle to the upside, the sp'500 and Dow are both within range to break new historic highs into the close. Regardless of the exact close... it has been another day for the equity bulls. Metals remain weak, Gold -$5... and looking particularly vulnerable into the Friday close.


sp'60min

Dow, daily

Summary

*daily candle on the Dow is pretty bullish, upper bol' is offering the low 18400s in the immediate term.
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Well, it would have been a somewhat tiresome Thursday, were it not for dynamic movers like BABA, RIG/SDRL, LL, or even BBY.

This is no market for the bears.. and I am quite looking forward to the long weekend :)
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back at the close.

2pm update - minor gains

US equities are looking a little tired, but still a touch positive. Regardless of the exact close, it remains a case of no downside power. USD is -0.2% in the DXY 95.20s. Gold remains somewhat weak, -$6, whilst Silver is u/c. Oil is set to close with sig' gains of around 3%.


sp'60min

Summary

Hourly equity cycle is offering a wave lower... but really... where is the downside power going to come from?

Clearly, there will be 'holiday issues' tomorrow, but still.. its hard to envision any move <2120.

... and keep in mind, by mid June, both weekly/monthly cycles will be offering 2170s.

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Meanwhile... its a rather reasonable summers day in London city...

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back at 3pm

1pm update - the fearless market

US equity indexes are moderately higher, with the sp'500 just 0.1% away from breaking above yesterdays new high of 2134. Price action remains bullish, if somewhat choppy.. ahead of the long 3 day holiday weekend. Metals remain weak, Gold -$6. Oil is holding powerful gains of 3.6% in the $60s.


VIX'daily3

GLD, daily

Summary

*Gold remains close to losing the $1200 threshold... certainly, price action favours the bears into the Friday close.
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Without question, this is one hell of a complacent market, not least as Greece continues to teeter on the edge.

It should be clear that a GREXIT is possible at any point this summer, but for now.. the market simply does NOT care.

*as noted by Mr T earlier, there are certainly some who are picking up VIX crash-protection.
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notable strength: oil/gas drillers, RIG +3.7%, SDRL +8.1%

time for some sun.... back at 2pm