sp'60min
vix'60min
Summary
Another closing hour that will be critical for both sides, although arguably the bears could sustain a little ramp into the close.
Bulls really need a close in the 1630s, but that's surely well out of range. Right now, even a close in the 1620s will be difficult.
Rough day for Mr Market, the lack of any significant QE is probably not helping.
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3.19pm.. sp'1611s, and VIX takes out the high from last Thursday - when sp'1598.
So, we're just 13pts away from taking out the critical low.
Any moderate overnight gap lower will be enough to open the door to havoc tomorrow.
The line in the sand is absolutely clear...1598. Anything below that, and its 'sell at any price' time.
3.29pm. market trying to floor again, at the price cluster zone of sp'1610. If you look back to last week, you'll see what I mean. 'moderate support' here.
3.38pm.. market still trying...a break >1615 would be...something for the bulls, although that is 22pts below the open!
triangle?
The sp'1630s sure look a long ways up for tomorrow.
*to be clear, I will hold LONG overnight (yes,..its ugly underwater). seeking an exit on any gap up - if we get one.
3.46pm..well, battle continues. Very hard to say how we'll trade into the close.
All I know is that 1598 is the key line, if it fails..market going to unravel.
On the bulls side, the hourly index/vix charts look floored/maxed out.
back at the close.