sp'60min
GLD, 15min
Summary
*action in the metals looks like one of the algo-bots went nuts.. and ran a super tanker of short-stops. The broader trend remains bearish.
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As for equities... I'm not expecting any clarity until after the FOMC.
However, with TWO bull flag failures in the past three days... it looks like we won't be able to sustainably trade >sp'2080 after the Yellen has wrapped up.
If that is correct, then it is just a matter of how many days until we're testing the 200dma around the big sp'2k threshold.
... and if Oil loses $40 (seemingly a given)... sp'2k could fail... opening up a further 2-4% to the sp'1950/25 zone.
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time to cook
11.11am.. VIX is making a push higher.. +4.3%... but still.. a daily close in the 17s looks tough today... ahead of the FOMC.
Weekly VIX cycle is offering a key bullish cross next week.... first target would be 20/22 zone... which would equate to sp'2k
11.18am.. Support around sp'2060... weekly 10MA.... daily 50MA....
Overall, looks fine for those in bear land... last line of defence right now.. short stops ..sp'2085 or so.