10am update - follow through

Good morning. The bears are seeing some important follow through to the downside. It'd seem likely we'll bounce into the afternoon though, and only see a close <sp'1500 tomorrow. First target is 1490, and then 1480. I do not see anything <1480 in this down cycle as viable.


sp'daily5

vix'daily3

Summary

A useful start to the day for the bears.

Yet, we're now only 13pts away from the first target, and that could easily be all the bears are going to get. Perhaps 1490 equates to VIX 16 ?

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*Metals..opening a touch higher, but showing weakness. They could easily just chop around for a few days - forming a floor, whilst the equity market drops to 1490/80.

SLV, daily

For those looking to go long the metals, probably best to wait until early next week.