Despite some indexes turning negative, underlying price pressure is likely to favour the equity bulls into next week. Nothing has changed, first target remains the sp'1970 threshold, and that should equate to VIX 19/18s. If sp'1990s.. VIX looks vulnerable to 17/16s.
*Oil is -2.3%, the $30 threshold is currently being tested. If fails.. next level is not until $25.
No doubt a fair few will be real confused at the current price action. Another failed rally.. same as before?
Price action/structure is different... and I see no reason to drop the upside target.
VIX update from Mr T.
time for lunch :)