12pm update - bears making progress

After the mini opening ramp, the market is slipping lower, and there appears to be a little impulsiveness to it. We have our first break below the 50 day MA on the sp @ 1427.

Doomer bears should seek a Friday close <sp'1424. If that is achieved, it strongly suggests a test of the 1397 cycle low next Mon/Tuesday.


sp'60min

sp'daily5

VIX'60min

Summary

Its going kinda okay so far. Underlying weakness continues to be seen.

The VIX hourly cycle is primed for a move higher into Monday, target would be somewhere around 18/19. That would equate to a test of sp'1397.

Time for lunch