12pm update - weakness into the weekend

Mr Market looks to have put in a marginally lower high of sp'1592. Daily charts are starting to offer a viable turn, with a challenge of the 1536 low later next week - along with the VIX in the 20s, for the first time since last December. Things could be getting real interesting..soon.


sp'60min

VIX'60min

Summary

Things are starting to look rather good.

First downside target are the low 1570s. A daily close around 1568/66 is viable today, which would really help to clarify things for next week.
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*Oil has broken. USO breaks <33, and it is arguably confirming top as also seen on the daily charts.

Near term target is 32.00, but 28/27 remains a primary zone by late May - which would equate to Oil in the 70s
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VIX update from Mr T.



time for lunch