12pm update - volatility melting away

With the indexes recovering from the early moderate declines, the VIX is back in slow-melt mode..to the downside. The only issue now is whether the bulls can break sp'1700 again, and then even more importantly..the 1709 high.


vix'daily3

sp'daily5

Summary

There just doesn't seem any clear direction today, and I don't expect one until next week.

VIX is merely melting lower, whilst the indexes are in chop mode.
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*weekly charts are still bearish into Sept (baring a break >1709)..more on that later.

time for lunch