With too few willing to buy in the sp'2080s, the market has rolled over. First soft target remains the 200dma (sp'2064/63). VIX is proceeding higher in a stair step fashion from the FOMC low of 12.80.... headed for the low 20s. Oil is notably weak, -1.6% in the $43s.
*the weakness in Oil is clearly not helping the broader market... and talk will no doubt start to build about a possible loss of the $40 threshold before year end.
The bigger weekly cycles remain outright bearish.
So.. equities are a little lower (note the opening black-fail candle as an early warning.. at top of the bear flag), but price action remains very subdued. First opportunity for the next sig' down day is tomorrow... and arguably more so... Friday.
A move to the sp'2020s remains the favoured retrace.. but that is clearly out of range until next week.
notable weakness: FCX -7%, AAPL, -1.0%.
TWTR -2.0%.. as the momo chasers are again absent.
back at 12pm