The main indexes are moderately lower, and we're seemingly seeing a replay of the past few days. The 50 day MA of 1680/79 is even more likely to hold that yesterday, and from there, we should see a recovery into the afternoon.
Maybe I should just cut/paste the postings from yesterday?
Bears had a good opportunity on Monday to push lower.... failed
Bears had a bonus chance yesterday......failed at the 50 day MA.
There is arguably even less downside power today....so surely 1680 will hold?
*VIX is higher, but only 2%...so..if the market can rally from here...VIX will be in the red by late morning.
10.04... sp'1682... 2pts to go. If Mr Market wants to spook the bulls, it'll break 1680s..briefly...before the turn back upward.
Despite the declines.. VIX only 4% higher.
10.25am..well, there goes the 1680s...just a 5pts buffer zone now, and then the 1660s will hit.
The problem for the equity bulls remains a weekly close in the 1660s (or lower) would really be a problem for the bigger upward trends.
10.36am... Equties still holding above the Monday low of sp'1674.99, but VIX has broken a new high.
A little concern finally appearing!
Spike-floor candles appearing on the 5/15min index charts...it looks like the Monday low will indeed hold...at least for this morning.
The bulls should now be desperate to break back into the 1690s on the bounce.