11am update - market breaks lower

The main indexes are moderately lower, with the sp' breaking below the recent 1670 low. Buying interest looks set to remain near zero until an Obama/Boehner agreement is reached, and that doesn't look likely until next week. Despite further equity declines..VIX is slightly lower.


sp'60min

Summary

So...a break of 1670...kinda interesting...

Notable breaks lower.. in the momo stocks of FB, TSLA, and NFLX.
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Special note...

For those watching the bigger charts..with the break <1670..the weekly charts are turning outright bearish...

sp'weekly7

A weekly close in the 1660s..or lower..will offer a test of the key 1627 low next week.

Were that to fail to hold..then it would clarify that the rally from the Oct'2011 low...has likely ended.
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11.15am...for the doomers out there...here is a good target to keep in mind...

Dow, daily

Previous low...14760....and the 200 day is coming up to that.

Without question, a break into the 14600s..will be a provisional signal of real trouble. Will similarly need to take out the sp'1627 low though..to confirm it.


11.39am... and there are the VIX 20s...its been a fair few months since we seen that.

Now...the issue can the VIX close in the 20s. Next soft target is the June high of 21.91.