12pm update - technical carnage

US equities remain significantly lower, with the sp'500 decisively failing and breaking the key floor of 1978. A minor bounce from 1970 appears underway, best case is somewhere around 1984 by late afternoon. For the bears... today has opened the door to all manner of possible delights.


sp'15min

VIX'weekly

Summary

For those now looking for further weakness, the VIX weekly is something to consider. The weekly 200MA remains a  key threshold. A weekly close above 17.50 would be a critical signal of autumnal trouble.

So... a bounce appears underway... the mid 1980s look a reasonable target by 2/3pm.

--
VIX update from Mr T.


-
What am I doing?

Considering the failure at 1978... its a case of 'dump longs... and short the bounce'.. probably sometime in the 2pm hour.

Time to see what the cheer leaders are saying on clown finance TV.


12.30pm... sp'1968... and there is no floor... with VIX  +22% in the 16s.

What a day...


12.44pm.. Equity bulls need 1975 to break the immediate down trend, but even then, a bounce now looks to be halted around 1982/84