12pm update - bulls need to break higher

Bulls need to keep pushing from here, or the bears are going to seize back control, and then whack this market to new lows, <sp'1560. VIX looks floored in the mid 17s. Precious metals are getting obliterated again, Gold -$40. Oil is weak, -0.5%


sp'60min

vix'60min

Summary

The levels are pretty clear for those seeking renewed downside.

Bears need a daily close of VIX 18s, with sp <1590. That doesn't necessarily have to occur today, but there is of course the risk that the bulls will manage 1620s on one final push.
-

I'm guessing no...and have indeed already launched a major short, from sp'1601 /VIX 17.50s.

Interestingly, MRO is perhaps showing todays failed rally better than anything out there...

--
VIX update from Mr T.



time for lunch