12pm update - battling to build a floor

US equities are continuing in the process of trying to build a floor. Despite the extra weakness this morning, the VIX only managed to claw into the 22s. Oil remains very weak, -0.7%.. but off the lows.


sp'60min

VIX'60min

Summary

Suffice to say, it still seems VERY likely that a floor is being found..and built by Mr Market. Equity bears have arguably merely had a bonus opportunity to exit this morning.

Right now, equity bulls should be seeking to re-take the hourly 10MA, which at the close will be around sp'1910...not too far up.
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VIX update from Mr P.


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time for lunch


12.37pm... and there is sp'1910... a little earlier than expected.

Regardless.... probably safe to call 1890 a floor.