1pm update - still on track for a back test

US equities continue to see minor chop, with a touch of upside. There still looks to be a likely test of broken support of sp'1978 this afternoon, which would equate to VIX in the 15/14.80 zone. Metals remain weak, Gold -$6, with miners naturally following, GDX -1.5%


sp'15min

VIX'15min

Summary

*I remain on standby to take a significant short-index position, somewhere around sp'1978/80.

--
Price action is very much in the style of a typical bear flag/consolidation. Equity bears should not at all be concerned if we continue a little higher.

Typical afternoon turn time is 2.30pm.... if we're around sp'1978 then... I'll start hitting buttons.


1.24pm.. sp'1974... we're getting real close now.

...standing by.... could be another hour... but...its looking pretty good.


1.28pm.. VIX 15.13... approaching the target zone.