Equities appear to have seen a morning peak of sp'1964, and we are seeing a micro snap lower - on a Ukrainian news story. Equity bulls just need to hold the sub'1 wave high of 1944. Metals remain very weak, Gold -$14.
...an interesting reversal underway...due to a 'spooky' news story.
It would appear the Ukrainians have fired on some kind of incursion from Russia.
I've added a speculative count to the hourly chart. Bulls just need to hold within the channel..and >1944. Seems likely.
Regardless, I ain't shorting anything....and I will not be getting involved again until next Monday.
11.01am.. hourly index/VIX cycles now favour the bears...
If 1944 fails...then strap in...otherwise...its just a brief scare.
11.07am... No critical damage...yet.. but the news from Ukrainian is genuinely a major issue...and markets are justifiable spooked.
Who wants to hold long into the weekend now?
11.15am.. minor chop..and we're still holding the snap low...
For me, I wouldn't get remotely interested on the short side unless we broke <1900..and that sure doesn't look likely.
Anyway...interesting morning...long afternoon ahead.. as market looks to more updates on Ukraine.
11.25am... sp'1950... with VIX +9%...hmm
As an onlooker for rest of today... this is pretty fun to watch...
Obvious levels to break - for the doomer bears.... VIX 17.50... with sp'1904
11.39am.. Notable weakness in the R2K -0.5%...after being +0.9% in pre-market.
Bearish engulfing candle....bearish for the broader market next Monday.
11.47am.. considering the news.. it never fails to surprise me that we're only -0.3%.
VIX trying to surge... +11%... 13.80s...there is a big price gap in the mid 15s