10am update - opening chop

Good morning. Indexes are opening choppy, a micro move to the downside, but its really all noise. There seems a complete lack of energy to the downside, and I'd be very surprised if we manage to close lower by more than 0.5%.

VIX remains muted in the low 15s, and is sporting a black fail candle on the hourly - not a good start for those seeking index declines across the morning.


sp'60min

sp'daily5

VIX'60min

Summary

I really don't expect much today or tomorrow. More than likely, we'll just put in a few doji-candle days, not least because its opex tomorrow.

At noted on the daily sp' chart, bears need to keep this nonsense below 1470. If we go no higher than 1462, that would make for an acceptable lower high, but then we'd need a strong rollover next week, and take out the recent 1427 low. Right now, that looks a tough task.

*as many have noted, metals and Oil are weak, and are not confirming this weeks market rally.

back at 12pm