12pm update - trying to break lower

A failed attempt to rally higher, and the bears have a window...they'd better not fail to seize this opportunity. A close <sp'1495 is arguably essential to build at least a little downside momentum for tomorrow..and early next week. The VIX is so far showing no power though...whilst the metals continue to get the hammer.


sp'daily5

vix'daily3

Summary

Nothing particularly dynamic so far.

Best bear case for the close..sp<1490/95..with VIX in the upper 14s.
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Gold weak..and looking like 158s going to fail to hold..with a wash-out next week to 155/54.

VIX video...from Mr T



time for lunch
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UPDATE 1pm  transports still holding within the broad up channel.

Target for the tranny would be 5500/5400 next week.