2pm update - upward trend broken

US equities have broken the upward trend from sp'1820... and look set for a minor down wave to the 1910/00 zone. VIX is confirming the break, having already climbed 200bps from 15.50s to 17.50s. Oil is significantly weak, -1.6%


sp'60min

vix'60min

Summary

It is somewhat pleasing to see the bull maniacs get a little rattled.

However, I do NOT expect a sustained move <1900 in this down wave.

Broader target remains 1950/60s... by the FOMC of next Wednesday.. and then a potential crashy wave... but more on that later.
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Notable weakness, coal miners, BTU -4% in the $10s... looks set for eventually hitting $5.


2.32pm... chop chop.. in the low 1930s... a daily close in the 1925/20 zone looks probable, with VIX 18s.

.. with follow through tomorrow.