12pm update - no buyers before an agreement

The main indexes are moderately lower, with the sp' testing the 100day MA of 1662. Primary target for the doomer bears should be a break of the 1627 low, which if taken out, would break the two year trend of higher highs..and higher lows. VIX has broken into the 20s..first time since June, when sp' was 1560.


sp'weekly8

vix'weekly

Summary

*rather than get lost in the noise of the smaller cycles..for this hour...consider the broader weekly charts..both of which are now turning to the bears.
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More than anything, equity bears should seek a weekly VIX close in the 20s, along with sp <1627, although the latter seems unlikely this week.
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VIX update from Mr T



Time for tea.
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12.37pm... there goes the 100 day MA of 1662... next key level...1627..with the 200 day of 1598 - which is also where the lower weekly bollinger is lurking.

For those short...congrats. Looks like a few more percent lower to come, lead by the Dow, which is only 0.6% from breaking the August low of 14760.