11am update - break of trend

With not enough willing to chase it higher, the market has failed to hold the sp'1870s, and with a little weakness, we've already seen a clean break of trend. The door is now open to the 1845/35 zone, which will probably equate to VIX 17/18s.


sp'60min

sp'daily5

Summary

*with no bounce to 11am, I've not picked up a secondary SPY put block, and I sure won't chase this lower. I'm content to sit on SDS, and have raised my stop.
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So...there is clear weakness, and a move to the 1840s now looks pretty much straightforward.

The only issue in my view now is whether we lose the 1830s. If that occurs, then downside will extend to 1800/1790.

Notable weakness in the momo stocks, NFLX -6.4%, TWTR, -5.9%


11.15am.. interesting morning...and as usual, kinda ironic how clown finance TV are trying to ignore the declines as though 'everything is just fine'.

VIX breaks into the 16s, but look at those momo stocks! FB, TWTR, NFLX..all getting smashed.