10am update - opening mixed chop

US indexes start the day with some minor chop, breaking lower to 1933, but quickly jumping to 1940. On no basis though do the bulls look able to push significantly higher from here. A test of 1926 looks a given...and should fail.. opening up 1915/00 zone by Friday.


sp'daily5

vix'daily3

Summary

Equity bears shouldn't be concerned at the currently red VIX... 18/19s look a pretty comfortable target... whether later today.. tomorrow, or Friday... it should make little difference.

It remains the case that bears probably only have until this Friday to push lower, until the next up wave - which I'm still guessing will hit at least 1970/90.

--
Notable weakness: WTIC Oil, -1.7%, 
-

I remain struggling....    back at 12pm (probably)