10am update - on the edge of a minor breakdown

It is a rather muted open, but its starting to get more choppy as I type, and we are now getting pretty close to breaking below the important 1450 level.

The VIX is still only marginally higher though. Maybe some dramatics later today on the streets of Greece will spook the VIX higher?


sp'60min

sp'daily5

Summary

Lets see if we can break below the bear flag. 1450 is the first clear level, but I'd really want to see 1445 for a more decisive break. Any close <1450, should open up yet another attempt to break the recent low of 1430. Clearly, the latter won't happen today..or probably even tomorrow.

back at 12pm