VIX'60min
sp'60min
Summary
*the opening hourly candle on the VIX is flipping between a black-fail.. and moderately bullish. Overall though... I think VIX is maxed out.
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So... it WAS a bear flag.. as I was droning on about during yesterday.
VIX has jumped higher.. and is offering a black-fail candle at the open.. which does NOT favour the bears.
From a wave count.. we have 5 clear waves down.. and this decline from sp'2119.. is likely complete.
Certainly.. a turn by 11am is VERY probable.
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10.02am.. I'm calling a floor of sp'2056.. with VIX having closed the opening 30mins with a black-fail candle...
It does NOT favour the bears.... the equity down wave from 2119 is almost certainly complete.
10.07am.. VIX cooling.... equities building a floor.
10.18am.. Marginal new equity low.. but VIX is NOT confirming the move.
10.33am VIX still failing to break higher.... stuck under key resistance.
The clock is ticking... bears running out of time.... typical turn/floor time 11am or so.
Notable weakness: INTC -2.1%
10.39am... HEAVY action in AAPL, -1.9%.... incredible amount of trades flying through... someone hit the big sell button on that one.
Meanwhile.. VIX still holding under the opening high.
10.49am... I realise some will be pretty bearish right now.. but VIX is NOT confirming it... and remains stuck.
Market is arguably still in early phase of building a floor.