With the sp'500 slipping to the low 1940s, the equity bears should be very satisfied with how July is ending. Even if there is a latter day recovery... the sp' looks unlikely to close much above 1950/55. Weekly cycles...starting to look ugly.
Suffice to say... still no red candle.. but we have a clear break of the recent 4 weeks of chop.
Hourly cycles will be offering some degree of afternoon recovery... but... the month will end (surprisingly) in favour of the bears.
VIX update from Mr T.
time for lunch
12.04pm... With the break into the 1930s, weekly8... candle turns RED, first time since early April.
12.14pm.. one of those rare days when the declines...just keep being sold into.
VIX +19% in the 15.90s..... strong resistance in the 16/17 zone.
A weekly close >19... would change the mid term outlook to bearish.
12.34pm.. VIX just keeps on pushing +22% in the 16s....