1pm update - minor chop continues

US indexes continue to see minor chop, although the price action remains the same broadly bullish style from late May. The chop could continue into the next FOMC, but regardless.. there should be renewed upside at some point to new historic highs.


sp'60min

Summary

I'd adjusted the hourly chart a little, I'd like to see a daily close in the 1940s before the immediate threat of 1905/00 is removed.

VIX remains pretty much maxed out though.. little reason why we'll see mid teens for some time.
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VIX update from Mr T.


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More importantly though, Germany vs Portugal is turning into something of a rout, and one of the Portuguese even got the boot!

Bearish referees.
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