3pm update - chop... into the weekend

Not surprisingly, the minor price chop continues, with the sp' stuck in the 1830/43 zone since Tuesday morning. Metals are holding gains, Gold +$16, whilst Oil has clawed a little higher, +0.3%. VIX looks likely to melt into the weekend...settling in the low 12s.


sp'60min

vix'60min

Summary

In terms of the indexes.. a pretty dull week, but hey..there has already been some interesting econ/corporate data this year, a fair bit of which suggest all is not well, especially in retail land.

There is little reason to expect a close anywhere above/below where we currently are. The smaller index cycles are mixed.

..can we close now please?

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3.29pm.. a micro ramp to sp'1841...no doubt annoying those on the short-side. I'd be surprised if we break >1843. Regardless...broader trend sure ain't down..is it?


3.42pm.. VIX in danger of a weekly close in the 11s...look for the hammer to appear at 3.59pm..it usually does on a Friday.