11am update - double top ?

Urghh, an ugly day for those bears who held overnight into Friday. We have marginally broken the recent sp'1391 peak, with a 1392.02 print. I suppose it could be a double top across 5 days, but it sure is disturbing at these levels.


sp'60min

VIX'60min

Summary

VIX is trying to hold above the opening gap lower.
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I added another short block a little earlier, but this is without question another rough end to the week for the bears. There does not seem to be any serious downside momentum, as yesterday again showed.

As it is, I'm not entirely hopeful for the rest of today. These sort of opening hyper-ramp openings often take a fair few hours just to stabilise.