1pm update - bulls struggling

The market is really starting to look weak, although sp'1627 remains the key level for bears to break..and close under. Metals holding gains, Gold +$14, with Oil +0.3% VIX is a touch higher in the low 17s, but no real sign of concern..yet.


sp'60min

vix'60min

Summary

Well, the current weakness is something of a surprise, although I realise a fair few were shorting the open.
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Any break <sp'1627..and things really get interesting

*Dow goes red. A fifth weekly decline, would be the first since May 2011.

*it again lends some credence that what we're seeing lately might be something analogous to the multi-month decline of summer/autumn 2011
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1.33pm.. market looks like it is forming a floor in the mid 1630s.

Baring another 'Syria' comment, market will be vulnerable to the often latter day ramp. A close in the 1650s though...looks out of range.