10am update - a little weakness due

Good morning. On any basis we're due some form of minor down cycle. More than likely though, bulls will comfortably hold above the old historic high of 1576. VIX is a touch higher, Oil is moderately lower, USD is lower, with the precious metals a touch higher.


sp'60min

vix'60min

Summary

As I noted last night, more than anything..those bears seeking a multi-week down cycle - which STILL includes yours truly, MUST be seeking a sp' weekly close back under 1580.

That is certainly possible, we're only talking about 0.5% lower.
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*I remain short USO, seeking an exit in the low 33s.

USO'60min

USO actually looks like a rather large H/S formation on both the hourly and daily charts. A break below the floor of 32.90s would bode bearish for the broader market.
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UPDATE 10.13am...lets see if we get that VIX gap-fill today, in the 11.70/60s..

Market hits 1591....Metals trying to break higher...gold +8...hmm