1pm update - VIX wants to break higher

Whether sp'1597 was the near term high, we clearly won't know for some days..if not weeks. Meanwhile the VIX is now outside of its 4 day down channel. Equity bears should be seeking a close (more likely tomorrow) above multiple hourly MA resistance @ 13.50.


VIX'60min

VIX'daily3

Summary

The best that bears can hope for today is a moderate red close in the indexes, and a VIX in the mid 13s. All things considered, that'd be a major achievement.

*Oil remains weak, which is pretty bad considering the USD is -0.5%
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VIX update.. from Mr T.


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Looks like the big money are buying some May protection, and will build such positions into next week.

1.05pm... IWM, back at the highs...

Clearly, there is NO turn yet on the daily charts, and in fact,  even if we get stuck here, we won't see a decisive MACD turn until middle of next week.


1.28pm..well, at the current rate, the sp'  will see a bearish cross on the hourly chart late tomorrow morning.

So, bears have a chance at closing the week <1580..but its going to be..difficult whilst daily cycles still pushing upward.