3pm update - is this what capitulation sounds like?

Mr Market is stuck in the low sp'1440s, a level that arguably breaks most of the mid-term bearish outlooks. Only with a move back under the recent sp'1413 low, and with a VIX >17.50, can the bears can confident that this was merely a capitulation final wave higher.

 

sp'60min

vix'60min

Summary

The VIX is trying to build a floor, but...its to be largely dismissed until we see a daily close >17.50, and right now, that looks a long way off.

Lets see how this bizarre twisted freak of an equity market...closes.

UPDATE 3.30pm  We could merely be seeing a baby bull flag on the hourly indexes right now.

Lets be clear, there is nothing but empty air until the mid-Sept' high of 1474 - although the NYSE is already so close to taking that out.

back after the close.