sp'15min
vix'60min
Summary
Well, with the econ-data failing to inspire the market higher, we're seeing another set of lower highs..and lower lows.
The obvious target - as just about recognises, is sp'1600/1597 gap-fill zone. Thats just over 1% lower, so is viable at any point, even today.
It is increasingly looking like market is not going to be able to break the 1687 high.
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*I am still long, and obviously..underwater. Right now, I'd settle for an exit in the high 1630s, but that is starting to look a long way up. Urghh
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Transports, weekly
As you can see, that is now a clear trend break, from the November lows. It is HIGHLY suggestive the top is in on this multi-month wave.
That doesn't mean we won't bounce across the next 3-5 days, but it surely means we won't be putting in any new highs..aka, sp>1687.
11.29am... market again trying to floor, but really struggling. Even a 10pt bounce would do nothing for the bulls today.
Bears are..surprisingly looking in control...obvious target remains 1600.
11.43am..possible double top on the VIX...at least in the immediate term. Even so bulls need VIX in the low 15s to have any confidence of higher levels into the Friday close.