2pm update - minor chop continues

US indexes continue to see minor chop, with the sp'500 stalking the 1850 threshold. Hourly cycles are highly suggestive of another up wave into the 1860s, across Wed/Thursday. Metals are holding moderate gains, Gold +$4, whilst the VIX is in melt mode, -1.0%


sp'60min

vix'daily3

Summary

*VIX daily looks set to churn slowly lower into the next FOMC. What will be interesting in late March/early April is how high will the next VIX spike be? Anything >22 would bode for 30s in a subsequent wave.
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So..the index chop continues. Not exactly exciting stuff, but hey...another day closer to what I still believe a likely key multi-month turn.

Patience.....