1pm update - latter day recovery

With Yellen out of the way, equities look set for a rather typical latter day recovery. Hourly index cycles are highly suggestive that a floor is in, although it is notable that the R2K briefly broke below 1150. Metals and Oil both remain especially weak.


R2K, daily

Summary

So...lets see how high we can push.

Equity bulls should be seeking an R2K close in the 1160s. A net daily gain...looks difficult, but not impossible. Plenty of times we've seen such upward swings into the late afternoon.

VIX set to turn red.


1.19pm.... indexes jump... VIX turns red.

For the bears.. this is no doubt just annoying day, almost as bad as last Thursday.