3pm update - choppy day

US equities look set to close with further chop, but then, that is indicative of a flooring phase. VIX is holding flat in the 21s. Oil has turned a touch higher +0.1%, after declined declines of -1.4%.


sp'60min

Summary

Suffice to say...a new cycle low of sp'1890, but VIX only managed the 22s.

All things considered, today was day'1 for 'building a floor'.


3.35pm... surprisingly  (yes, I'm surprised).... market takes out the morning low of sp'1890, and ALL the long stops are getting hit.

I still calling a short term floor though..... would be truly bizarre if we just keep on falling.

Oh well..... 


3.45pm... market just unable to find a floor... 1879.... with VIX 23s.