The VIX is finally starting to pick up some momentum.
sp'60min
sp'daily5
vix'daily
Summary
Its been a good morning for the bears. The 7 day bear flag - with a false breakout no less, has now concluded, and we're on the way down.
As ever, the only issue is...how far down do we go?
I'd guess 1430 will fail to hold. If that is correct, the move below that should be a little feisty, and there is a good chance we'll take out 1420..and then floor around the recent cycle low of 1397. I still can't see any 'major move <1400' any time soon.
However you may want to count this nonsense, it does look like there is a good chance for at least one major index day lower (dow -200/250), with a VIX spike to 18/19. VIX'20..still looks outta range.
The bears had just better hope we don't close green..urghh !
My best guess for the close 1437/35, although it depends on if we get a last hour stupid spike higher. Regardless..we are falling though, and VIX is indeed even showing some more significant strength.
back at 2pm