1pm update - levelling out into the weekend

Market still seems in the process of trying to level out. We remain in the huge down channel, and this is day'13. In many ways, bulls would prefer at least a marginally green close to show some sign of a cycle low.


Sp'60min

VIX'60min

Summary

Probably a quiet afternoon to come. The Facebook hysteria is dying down, so next week we'll be back to normal at least.

*VIX is holding under yesterdays peak of 24.50, something to keep an eye on.

For the bulls...a close over the hourly 10MA, now @ 1309 would be 'useful', but is small solace after a pretty rough week.