12pm update - messy market

US equities remain very weak, with the sp' having lost (if briefly) the giant 2000 threshold. There remain a number of signs that a renewed push higher is due.. not least with the ECB set to start to buying t-bonds. VIX is holding gains, but nothing that would indicate any serious market concern.


sp'60min

vix'60min

Summary

*hourly candle is attempting to make a spike low from sp'1999
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Suffice to say... it remains another dynamic day in the market... as reflected in the VIX in the 20s... something  that has been a rarity since late 2011.

Best downside case for the bears is probably the 200dma of sp'1965... but that won't be easy. We haven't forgotton how strong the market rallied yesterday morning, have we?

*the giant monthly MACD cycle has seen a bearish cross this morning (as it briefly did in mid Oct' and also last week). Were we to see January close negative.. that'd be VERY important,  but more on that later... on my MARCON page.

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VIX update from Mr T.


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time for lunch... .back at 2pm - when the Fed beige book is due.