12pm update - failed rally, bears showing strength

The opening gains have entirely failed to hold, and the bears are really starting to show their strength. The VIX has similarly fully reversed, and there is major potential for volatility upside into Friday.


sp'60min

vix'60min

sp'daily5

Summary

Those shorting at the open will be having a great day so far. Those holding from yesterday (including yours truly), are now recovered from those earlier index gains.

With important earnings at the close, the time between now and the Friday close is so very important.

As noted last evening, the weekly charts suggest sp'1325/00 as a viable target, if we can get a close <1397.




Time for lunch...back around 2pm