US equities open moderately lower, with the sp'500 breaking back in the 1960s. Hourly cycles are suggestive of further weakness today, best case downside looks to be the 1955/50 zone. VIX battling to push into the 13s.
Long day ahead...
So..we're somewhat lower, but there sure doesn't feel like there is much downside power. Bears will be lucky to see the 1950s later today. Could do with a little geo-political news on the wires to spook this market in the afternoon.
VIX has good upside potential (17/18s on weekly cycle), but even 14/15s look a challenge today.
*I remain somewhat patient.. seeking to pick up an index block.. will look to buy.. regardless of price..when the hourly cycle levels out...probably before end day.
If we don't see much lower... then I'm sitting this out.
10.23am... market wants the sp'1950s.... lets see where we are in another 2-3 hours.
notable weakness, coal miners... BTU -2.6% in the $15.30s..... a truly bizarre price level... but then.. the US Govt. hates coal.