US equities are starting to slide again, as few traders are willing to buy above the sp'2100 threshold. VIX still remains broadly subdued, but looks set to jump across the rest of the week, target remains the 16/17s.
First target for the equity bears should be a daily close under the 200dma.. currently around sp'2070 (still rising each and every day).
It will only take one sig' net daily decline, and before we know it.. we should see have a chance at testing the early July double floor of sp'2044.
*I remain long-VIX.. and short-INTC.. and am in no hurry to exit until Thurs/Friday.
With the ugly break of support yesterday, we're seeing some bearish follow through today. The $105/100 zone looks a given. The bigger monthly cycle is offering lower levels.. but first things first.