sp'daily5
vix'daily3
Summary
*ignoring the minor waves for this hour....
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Indeed, another daily close under the 50 day MA, and bounces should still be treated as...bounces.
I'm holding to the original outlook, seeking the sp'1770/60s, but yes..that won't be easy. Yet...we're only talking about 50/60pts or so...something we've seen done twice in the previous two down waves.
Bears..need to remain patient.
ps. note the reversal candle on the daily VIX...despite the current index gains.
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2.01pm.. Equity bears should be content with any daily close <1825...I sure would be one of them!
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2.16pm.. To me, the VIX remains the tell, it is only a little lower, -1.8% in the 16.70s..and a green close is very viable. Regardless, the index gains are not showing any kick - much like last Tue/Wed.
We're headed lower t his week, but the issue is how far?
Considering the earlier gains, I expect no lower than 1770/60s..and even then, that will be 'briefly'.
2.30pm.. VIX turning positive. Bulls...beware!
2.37pm... Check out the R2K,, daily... black-fail candle...ugly city for the small caps.