1pm update - chop into the afternoon

US indexes are holding moderate declines, with the sp' in the mid 1860s, a fair way below the Thursday high of 1884. Equity bulls should be seeking a weekly close back in the 1870s, which would set up the first half of next week.


sp'60min

Summary

Barring a secondary wave lower this afternoon..into the sp'1850s, with VIX 15s, I can't consider today as anything but a minor retrace.

Bears been teased time and time again lately..I don't see this as any different.
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Out of RIG

I was intentionally stopped out of RIG just earlier at 43.30, which I'm very pleased with.. Price structure on the hourly looks like a castle top...and I'm glad to be out!.

60min

A retrace into the low 42s into Monday..would make for an interesting pickup level.
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1.21pm.. Another minor wave lower, and VIX is back on the climb.

Best case for the bears remains 1850/45... with VIX 15s.