With the smaller 5/15/60min cycles all looking exhausted on the downside, the bulls look set for some degree of bounce this afternoon. As ever, how we close will be kinda important. VIX has remained stuck under the opening high of 16.56.
Seen on the 15/60min cycles....this market looks floored..at least for a little.
*the problem with anyone going long is the very real threat of any 'war comment' sending the market into another tumble.
Considering the ViX, I think the bulls are set for an attempt to close in the sp'1650s.
1.05pm...sp'1636., but more importantly..VIX still failing to break higher..>16.56.
1.23pm... VIX 16.54...still NOT confirming the lower lows in equities.
1.27pm...finally... VIX breaks the morning high..and the high of Aug'21.
Bulls look to have entirely failed, and with the VIX breaking higher...could be a rather bearish close.
Primary downside target remains the lower weekly bol...currently 1563