2pm update - afternoon chop

Market is failing to show any underlying strength. The bulls have so far entirely failed to reverse last Fridays reversal. VIX is holding onto gains of 5%, doubtless related to the uncertainly of tomorrows election.


sp'daily5

vix'daily

Summary

So, two hours to go, and market has very clear bear flags on those daily charts.

It remains the case, bears need a daily close under the key cycle low of 1397.

If that is achieved, first targets would be VIX 21/22, with sp'1380/75, no later than Thursday.

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