12pm update - is that it?

Bears have mustered a moderate drop into the mid 1670s, with the VIX up a rather lame 5%. If that was the best the bears could do, then bulls should expect a good 2-3% upside into the FOMC of next Wednesday. Metals and Oil remain weak, despite a weak USD.


sp'60min

vix'60min

Summary

*VIX looks done on the hourly. Bears looking for further equity declines into the Friday close..have the usual problems.
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Its that old 'guessing the micro-moves' game again.

Best guess is indeed...C of 4 is complete, although I see some out there looking for the 1660/50s.

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Underlying MACD (blue bar histogram) on the hourly index charts will be levelling out this afternoon, and a major turn upward across Monday looks very viable.


VIX update from Mr T




time for lunch