Yesterday's market post worked out very well for the S&P and less than halfway so far for silver. On the May silver futures contract, there was no overlap, but on both the June and July contract, there was. The lows were not taken out on either contract.
Given the less than clever appearance of oil and most softs and grains, I'm extremely interested in how silver finishes the week. They could be saying something about the overall risk level.
Overnight, the S&P has reached a shallow Fibonacci retracement. I'm inclined to think it can go a bit lower, but I will be looking for areas to test for longs today.
The better area would be around 1340 on the cash S&P.
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