Closing Brief

The US market saw significant declines, with the sp -26pts @ 1630. The Trans/R2K saw rather severe falls of 2.6% and 2.4% respectively. Near term trend looks very weak, and a hit of the bigger target - sp'1570/60s look viable, with VIX in the low 20s.


sp'60min

vix'60min

Summary

*I've removed the fib-retrace levels...I no longer think a move to sp'1680s is viable in the near term.
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So...a clear victory for the bears, with rather significant index falls, and the VIX breaking into the 17s.

On any basis..the daily/weekly charts are highly suggestive of further declines in the coming few days.
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*I am LONG VIX..overnight, seeking an exit in the 20/21s, before the weekend. It will not take much of an overnight scare to send the VIX up another 20%.

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the usual bits and pieces across the evening...