12pm update - still building a floor

The market is pretty subdued, and clearly still in the process of building a floor for the recovery/bounce, back into the sp'1680s. Hourly index charts still suggestive of a leap higher this afternoon. Precious metals and Oil both building moderate gains. VIX -6%


sp'60min

vix'60min

Summary

A hit of the 50day MA @ 1657, and we're now set for a bounce.

Many are now calling for new highs >1709. Yet, weekly charts say..NO.
--

I holding to original outlook...seeking a significant wave lower into September.

The only issue is finding an acceptable entry point. Right now, no point shorting into the weekend..not least since we're not even in the 1680s yet.


VIX update from Mr T.



time for lunch!