1pm update - market vulnerable into the weekend

The style of price action - two spike tops, and a confirming bearish 11am candle, bodes for further declines into the Friday close. There remains notable weakness in the Nasdaq, especially within the momo stocks, all the usual suspects are being whacked... AMZN, NFLX, FB, TWTR, TSLA.


Nasdaq Comp'

Summary

Tech' sure looks ugly...headed for the 200 day MA?

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Barring a break under the weekly 10MA of 1844 (but that will be in the 1850s at the Monday open), I simply can't take these declines too seriously.

sp'weekly8

I will need to see a blue/red candle...UNDER the 10MA, before I'd consider re-shorting the indexes.
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1.10pm.. Market might have floored, right in the target zone, but considering the weakness..and the weekend, I'll wait until Monday.

VIX trying to break into the 14s...again.. but really, that is a truly bizarre low level..


1.28pm choppy action in the mid 1870s...prime area for a floor...but I ain't tempted.

Notable weakness: TSLA -4.7%, but much like most of the momo stocks.

Oil +1.1% (congrats to the UCO holders...still holding Joe?)


1.40pm.. Perhaps most notable today..the gains in Oil and Metals....the latter of which is helping give GDX a gain of 1.5%.