11am update - market stabilising

After the sharp opening declines, the market appears to be in the process of stabilising before the broader upward trend resumes. The early signs are already there, not least in the VIX, which is well below the open of 13.23.. now.. 12.52.


VIX'daily3

sp'60min

Summary

We have a pretty clear morning reversal so far.

Underlying hourly MACD cycle on the indexes and the VIX are suggestive the bears have had their 'fun for the week'... and now its just a case of how long it takes for the market to build a secure floor.

Notable strength: UAL +6.8%
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11.10am.. a net positive daily close (which is viable) would no doubt really get many of the bears all pissy.

As noted at the open though...the VIX black-fail candles are not to be dismissed lightly.
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11.17am.. classic reversal candle... R2K, daily

Doesn't get much clearer. No turn yet on the MACD cycle, but the current daily candle could even turn positive by the close.

11.42am.. market just battling it out, key signal remains the VIX, which is well below its opening level.