US equities break a new intra low of sp'2045, although it remains notable that VIX has still not broken above the Friday high of 17.09.. so far only hitting 16.85. The divergence threatens another equity bounce before a more viable break into the 2020s.
The sp'2040 threshold is unquestionably a pretty important level.
Considering the complete lack of any VIX spike/capituation high.. there still seems another viable push lower in equities across the next 2-3 days.
Any move into the 2020s should bode for 2000/1990s before the next major multi-day bounce - which would likely be to 2050/60 in mid May.
notable weakness... miners, GDX, daily
Provisional trend break.. but I'd argue short metals/miners would be one of the worse possible trades right now.
back at the close