For the seventh consecutive day, the market opens higher... yet each time we've seen a rather significant reversal. Today is complicated with end month/quarter issues. VIX opens a little lower, but is already starting to rebound. Metals are weakening... Gold -$2
*opening reversal candle on the VIX. Underlying MACD cycle is kinda low.. and there is threat of the 16-18 zone this week.
**Chicago PMI : 55.9.. a clear miss.
Equity bears need to break back into the 1840s tomorrow (see rising trend line on daily chart).
Obvious target for the bulls is >1883...won't be easy..after 6 previous fails.
Long day..and long week ahead!
10.04am... Just 10pts from breaking a new high... unless some end month selling appears later today...bears look toast.
One thing seems for sure...within a few days..we'll either be >1883...or <1840.
10.15am.. hourly VIX cycle will be flooring soon...bulls...have 'issues' ahead this afternoon.