2pm update - equities stuck

After another minor wave higher, the sp'500 appears stuck around sp'2116, with VIX +0.1% in the 13.80s. USD is holding gains of 0.5% in the DXY 97.50s. Metals have completely failed to hold sig' opening gains, with Gold swinging from +$14 to -$1. Oil remains similarly weak, -0.3%


sp'60min

GLD, daily

Summary

*daily candles for Gold and Silver are starting to look like a major fail. I expect further downside from here, first target is $1170 for Gold.
--

Little to add...

Market should roll lower into the close. A net daily decline remains very viable.
-
notable weakness, oil/gas drillers, RIG -2.0%, SDRL -0.6%

1pm update - moderate gains

US equities have seen another moderate swing to the upside... battling to take out the opening high of sp'2116. A daily close above resistance (2119 at the close) looks unlikely. With the USD +0.6% in the DXY 97.60s, the metals/oil are under renewed pressure, Gold +$1, whilst Oil -0.9%


sp'60min

Summary

Not much to add... it remains choppy.... I sure don't see much chance of a major break higher.. not even as China remains in hyper-bullish mode.

Target remains sp'2090/80 zone... probably by Wed'
-
notable weakness, coal miners, BTU -6.7% @ $3.15... the $2s are a'coming, right?

--
Interesting guest on clown finance TV this lunchtime...

$85 by end September looks EXTREMELY unlikely. The bigger weekly/monthly charts will barely be offering the $70s in late summer, never mind $80s.

My upper end target remains $75.. but that looks highly unlikely as the USD is set on a course for the DXY 120s... even the mainstream are broadly agreed with that.
-

stay tuned!

12pm update - weak chop

US equity indexes are broadly flat.. but very choppy as the bull maniacs are battling hard for renewed upside. All things considered, a washout in the sp'2090/80 zone looks due within the next few days.. along with VIX 16s. USD is building sig' gains, +0.7% in the DXY 97.50s.


sp'60min

GLD, daily

Summary

*with the USD on the rise, the metals/Oil are cooling from the opening highs.
--

Not much to add.. on what is a pretty choppy start to the month.

Considering the opening reversal.. bears look moderately in control... at least until Wed' morning.

notable weakness: copper miners, FCX -1.5%, TCK -1.2%

--
VIX update from Mr T.



--
time for lunch :)