1pm update - bulls struggling

Market failing conclusively to hold above yesterdays lows. That opening mini-ramp to 1401 now looks a long way up. Despite the weak indexes, VIX is still red -4%, that is not a good sign for the bears. A late afternoon hyper-ramp (for no good reason) is very viable. Watch out for some stupid news-wires rumour to appear after 2pm.


sp'15min

VIX'60min

The VIX hourly may have found support on a very vague rising trend line, but...considering the indexes, it might well not hold.



Summary

Hmm, it sure is a weak market, and the 1400 level is clearly going to be VERY difficult to get a daily close above.
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I can't be chasing this lower, I'll wait for the next bounce...whenever that is.

Primary sp'1345 target remains my best guess, could be hit very early next week, before opex.
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UPDATE 1.30pm

More weakness, and now we've just about tested the 200 day MA @ 1380.

The weekly target of 1345 is a mere 35pts away,  Viable tomorrow or Monday.
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