2pm update - regardless of the close

Regardless of the remaining two hours of today, some serious technical damage has been done, not least with the recent sp'2042 low being decisively broken - as reflected in the VIX, back in the 20s. The market will remain vulnerable until this morning's high of 2080 is closed above.


sp'60min

VIX'60min

Summary

As ever... a turn in the 2pm hour is often the case.. but even a close in the sp'2055/65 zone is not going to do much to negate the damage done.

Clearly... Oil is still a major factor holding back the market....

USO'daily2

It is notable that despite morning gains of 3%.. Oil then reversed, breaking yesterdays low (at least for USO... which is trading a little out of sync with WTIC Oil).
-

2.33pm.. Well.. its typical afternoon turn time.... with sp'2043...  

As noted though.. even a rally into the close won't negate the tech' damage done.

VIX remains close to the 20 threshold... 

... USD takes another few steps lower... -1.2%... DXY 97.30s....  currency markets now starting to wonder if rates will be raised too.