12pm update - battling downward to sp'2000

After a very messy open, equities have turned significantly lower, with a new cycle low of sp'2013.. along with VIX 21.09. The giant threshold of sp'2000 could be tested before the weekly close.. along with VIX 22/23s. Oil remains in collapse mode, -3.4% in the $57s


sp'daily3

VIX'daily3

Summary

Suffice to say... the bulk of the down wave from sp'2079 is likely now complete.
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Oil is approaching key long term trend support around $55.

Watching clown TV just now.. Santelli on CNBC just highlighted a target of $55.. although for somewhat different reasons.
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VIX update from Mr T.


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time for tea... back at 1pm