SPX futures ($ES) daily pivot and 15min200 laminate is holding the price up here. Channel from 1291 low has developed. If current level breaks there is some support in 1330 - 1327 area. Lower high below 1354 will be viewed negatively, should the market not take it out soon and further break below 1327 support, so then we may have a symmetrical triangle forming between 1257 and 1354. Symmetricals are great range trading patterns, but are not good for breakouts, as they do not give you any direction hint; they are also the biggest fakes. Let's see what transpires.
Based on no debt deal, Gold ($GC) decided that it has seen enough of a sell-off and now is up on the day, just in case the wheels fall off the wagon over the weekend. Erratic gold pattern here, consolidation in 30 point range. My view it is going lower after this consolidation.
Same range trading goes for Oil ($CL). No progress on break out of 95 - 100 range. It is hostage here, due to rangebound equities.
Mr. Boehner & Co. just came on TV and chastised Mr. Reid & Co. These guys are the best actors to walk the face of the earth. This is not good for risk and will produce a mild risk off today.
Mr. Market is tired and will probably meander for the rest of the day. No real catalyst for anything.
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