vix'60min
sp'60min
Summary
*I remain especially focused on the VIX. A push into the mid 15s would be a real turn around for the equity bears. However, I'd only take this afternoon seriously..if VIX takes out the FOMC spike high of 15.95.
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So...we have an afternoon reversal...and hourly index/VIX cycles are primed for a major snap into the close. Everyone should now be on full alert for some wild action!
Right now, best bear case looks to be sp'1860, with VIX 15.25/50
2.09pm.. VIX trying to push...14.50s...looks very viable...into the low 15s..before the close.
2.19pm.. the two leaders - Trans/R2K, both a touch lower...hmm
2.24pm.. welcome back to the sp'1860s..... we have a 14pt reversal...another 10pts looks viable.
2.30pm.. Eyes on the VIX...the mid 15s would bode for 1860.... if things unravel...to the 16s..then we'll see the low 1850s... - much to the surprise of many, including yours truly.
2.47pm.. micro up cycle..and we're back to almost 1870....hmm
Still..the closing hour looks set for some weakness...and today does count as a reversal, although we close the week with the bigger weekly charts back to bullish.
So..its a bit mixed.