The sp'500 is holding close to the opening high of 2076, but is clearly encountering a touch of resistance. VIX remains broadly subdued, -5% in the low 14s. Metals continue to claw back from early lows, Gold -$7, with Silver +0.3%. Oil is +0.5% after a net weekly inventory surplus of 6.6 million barrels.
Suffice to add... ongoing price action currently offers zero hope of a turn.
The VIX is even more bullish than equities, as its currently in outright implosion mode, already breaking into the 13s. Considering opex is looming, now the 12s look probable.
notable strength, BAC, daily
Is the market now seriously trying to price in a second rate hike (which by default, would be bullish financials?).
In terms of price, major resistance is clearly @ $14.50. The equity bulls are going to need to see stocks like BAC break above such levels.