1pm update - weekly up trend is confirmed broken

The third day of significant weakness for US equities. Arguably, most illustrative of the weakness are the weekly charts where we have clear breaks on all the indexes. The huge ramp from Nov'2012..is over. Metals and Oil remain weak..whilst the VIX is making a play for the 19/20 zone.


Nasdaq, weekly

sp'daily5

Summary

*AAPL earnings at the close of today..it really is going to be a busy week.....!
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The Nasdaq weekly tells the story..the huge ramp from Nov'2012 is broken...there is NO doubt now. The break opens up a hit of the lower weekly bollinger..equivalent to the low sp'1700s.

There is clearly risk of an FOMC bounce..but there is now VERY high risk things will unravel this week..all the way to the low sp'1700s.

notable weakness: FB, TWTR, UAL
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1.22pm..another attempt to rally...1772..to 1782... who is buying here?

Broader trend remains weak..baring a break >hourly 10MA..but that is a further 10pts higher.

Arguably..short-side day trading bears should have made a run for it in the past hour.

A fair question right now..who fears the Yellen across Tue/Wednesday?