Despite equities opening somewhat lower (but not significantly)...the VIX is likely telling the story here. We have a black-fail candle - in a gap zone...and again, it seems there just isn't much power on the downside. With sig' QE this morning..bears face the usual problems
Lots to cover today....bear with me.
Those black candles usually don't bode well for the equity bears.
I have a LOT to say on the weekly/monthly cycles..but I'll leave that for later today, after things settle down a bit.
Suffice to say...I'm holding to original outlook..broad upside into the FOMC of March'19.
10.15am... divergence between indexes and VIX.
Indexes new low..but VIX still below the opening gap.
I can't take these declines seriously...at all.
Typical turn time..is of course..around 11am....
10.30am..possible reversal here...from sp'1841.... smaller 5/15min cycles are offering a pretty strong turn.
VIX did NOT break the opening high...and again..that is a key problem for the equity bears.