The main indexes are weak, with the sp' failing to hold the key 50 day MA of 1679. The VIX has broken the Monday spike high of 17.49, so far peaking at 17.70. Metals are a touch lower, but perhaps benefiting from the fear-trade aspect.
*another sign of a turn on the smaller 5/15 min charts.
We're at the typical turning point of the trading day..11am is often where a ceiling..or floor is put in.
Bears have certainly caused some damage this morning..but its nothing critical yet.
With the market as shaky as it is, it won't take much of a news headline to break the 1675 floor, with a daily close in the 1660s.
..and that is when things start to get interesting.
We're turning...at what I sometimes call 'that magical time of day' (actually, there are arguably two..the second being 2.30pm)
11.07am.. we have a confirmed floor.
Now..lets see what the bull maniacs can manage into the afternoon!
11.40am..urghh..floor fails to hold..and 1675s, with VIX trying to break the 18s.
....FAIL. 1674s....with VIX 18s.