12pm update - chop chop chop

The US indexes continue to see some reasonably dynamic price action. However, the equity bears (at least so far) are simply showing a lack of downside power. Metals remain weak, Gold -$8, whilst Oil is a little lower, -0.2%. VIX is battling to hold minor gains of 2% in the low 14s.


sp'weekly8

Summary

*ignoring the smaller cycles this hour.

re: chart'8, bull maniacs should be seeking to hold the 10MA of 1858 this week.
--

If you believe the market can cope with QE'taper'4 this Wednesday, then a push into the 1890s is a given, at which point a weekly close at the 1900 threshold is also likely.

There are plenty of good chartists out there, many of whom are seeking a break >1900, with May/June upside into the 1925/75 zone. So far...few seem to be looking for sp'2000s..well, except Mr Carboni.
--


VIX update from Mr T



--
time for tea!
-

VIX'60min

The gap zone remains an obvious 'best bear case'.
-

Notable weakness: OPEN, -5.5%..falling like a rock.