10am update - morning weakness

Good morning, and welcome to another week at the nastiest casino in this part of the galaxy. The main market has opened a touch higher, but its looking very weak. The Friday morning bounce we saw completely failed, and I see no reason why we won't see more intense weakness today proceeds.


sp'60min

vix'60min

Summary

Nothing has changed since last week.

Both weekly and monthly charts suggest a persistent downward pressure on prices, near term target remains somewhere in the sp'1350/40 zone.

VIX is looking a little weak, so long as it doesn't break/close <17, it should not be a concern for the bears.

I'm short, and seeking a break into the 1360s later today or early tomorrow.

back at 12pm....or earlier...if necessary!