10am update - opening weakness

US equities open moderately lower, with the sp in the mid 1850s. VIX is showing a little upside kick, +10%, but still, VIX 15s only rank as 'very low', rather than 'bizarrely low'. A latter day bounce looks very likely. Metals are moderately weak, Gold -$4


sp'60min

sp'weekly8

Summary

For me, what really matters is to see a breach of the weekly 10MA - currently 1849...and then the 50 day MA of 1840.

If those two are busted..then its game over bulls.

Note the lower weekly bol'...still in the 1770s...that would be 'best bear' case, and offer a larger H/S formation.

--
VIX looks unable to clear the 15s in this cycle....bears..beware.


10.08am... opening black candle on the VIX...as I feared.

So..lets see how  high the bull maniacs can bounce this today.


10.12am.. upside....to 1875...very viable....the issue is....what then?

I fear the QE this Thurs/Friday!


10.39am...bulls just not showing up....tricky morning.