12pm update - new equity lows

The sp'500, along with other indexes have taken out last Thursdays low of 1926, with the VIX breaking into the 18s. Overall price action remains bearish, with next key support in the 1915/10 zone... a test of the 1904 low looks equally viable.. by Friday.


sp'daily5

Summary

*with the recent weakness, I've added my primary H/S scenario/outlook to daily'5 chart. It will get ditched on ANY break above sp'2000. Similarly, if we just keep falling <1900... will have to reassess, but the latter looks especially unlikely.
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So...we're broken the 1926 low...and another 15/10pts look a given. With still two full trading days left of the week, a full test of the Aug' 1904 low looks likely... and from there.. we'll likely snap back higher.

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VIX update from Mr T.

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time for tea


12.50pm... minor chop..... i see out there calling for a sig' bounce.. to 1950/60s... but to me, that makes little sense.

Notable weakness, DRYS, -5.9%

back at 2pm