3pm update - closing hour mystery

The market failed to hold the morning low of sp'1365, and we're now seeing a touch of renewed strength in the VIX. There certainly is no panic as such, but all micro-rallies continue to fail. With opex this Friday, and a truck load of Puts <1400, will the market makers somehow magically ramp the market into the Friday close?


sp'60min

vix'60min

Summary

A somewhat tricky trading day so far. Opening gains, fail...rapid fall, then lunchtime rally attempt....fail.

*I'm sitting this out until tomorrow. There is too much risk of upside in my view, and I sure won't be chasing this lower, even if we break into the 1350s.
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UPDATE 3.20pm, well, the floor has been taken out. sp'1358..and no sign of levelling yet.

The weekly charts now suggest sp'1340...probably tomorrow.