sp'60min
Summary
*price action is a simple break of trend... and arguably a back test of the down trend itself
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...well, yesterday things took a major hit, when the morning low of sp'1890 was taken out. I have to guess we won't see that happen in this closing hour. Price action is more stable, and we have a clear break of the down trend on the hourly cycle.
Equity bulls should be content with any daily close about the hourly 10MA, which in the closing hour will be around 1888 or so.
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Oil remains notably weak, -3.8%
..updates into the close
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3.09pm.. sp'1878.. equity bulls have a mere 3pts of buffer room left.... if 1874 fails... then another closing hour snap to 1860/50......
Its been so long since we've seen this.... I think almost everyone has forgotten.
3.22pm... and there goes the 1874 low.... VIX rallying... still -1%.. but set to turn green.
Door is now open to 1860/50 zone early tomorrow....
Ugly market... Oil -3.5%... and that sure isn't helping the energy stocks.
3.26pm.. another major fail for the bull maniacs. It truly is a full THREE years since we've seen this kind of price action.
3.30pm... regardless of the close... with new lows, the bears remain in FULL control.
The only notable aspect left to achieve is a corresponding higher high in the VIX.
Despite the index weakness, airlines are holding gains, DAL/UAL +5%
3.39pm So.. we have new index lows, but the VIX is NOT confirming it.
With the Trans and R2K still positive on the day.... bulls still have provisional sign of a bounce.. although I realise the new Dow/SP' lows are sure as hell not bullish.
3.47pm... VIX still failing to confirm the earlier new index lows.
Regardless, another day in favour of the bears.. with the bulls still failing to sustain gains.
Notable strength, F +2%.. but its a clear 3% or so below old key support.