US equities open lower, and are set for the fifth consecutive daily decline. The Dow is leading the way lower, offering a clear break of rising support on the weekly cycle. Next stop is a very probable 17000, which would equate to sp'2000, along with VIX in the low 20s.... this week.
A busy week begins!
With Dow losing 17500, its pretty clear... we're headed for the more rounded 17000 threshold.. which is arguably the floor for a giant H/S formation.
I'm aware I'm not the only one who sees it, I first noticed it via INTC.
*I remain long VIX... am seeking an exit in the 16/17s.. before the Tuesday close.
10.05am.. a micro bounce, but typically.. we'll get a floor around 11am.
Regardless... Dow 17000 looks due.... and that is surely going to kick the VIX into the low 20s.
10.26am.. a little bounce/chop... but the technical damage is done. Dow 17438... so.. 438pts to go.
time for an early lunch... back at 11am