VIX'60min
sp'60min
Summary
However you want to label the hourly chart.. an 'ABC' - with C, this mornings opening drop - along with yesterdays bear flag.... I don't think we go much lower.
Certainly, there are multiple aspects of support in the 1950/35 zone.
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What is absolutely clear, ALL opening black-fail candles on the VIX are to be treated with a lot of respect.
Bears..........beware!
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10.01am... we close the opening 30mins indeed with a black-fail candle....and MACD cycle will be levelling out within 1-3 hours.
There can be no excuse for ANY whining tomorrow/early next week, when the market is on the rise.
The VIX is very probably giving a 'get outta there' signal.
Similarly.. for the dip buyers...now is prime time.
Notable strength: Airlines, UAL +6.6%.... woah
10.10am... VIX continues to cool... and indexes are levelling out.
Airlines have turned on the nuclear engines... UAL +7.1%
10.25am... VIX really getting the smack down now... back in the 12.50s.... and equities well off the low.
Equity bears likely had their chance to exit.
A few hours more to stabilise the market.. and then up.. into the weekend.. and across next week.