10am update - powerless bears

Equities open slightly mixed, and it would appear the bears are powerless. A break back over sp'2060 will open up 2075/80 by the close. Price structure is still a reasonable bear flag, and there remains threat of renewed downside under the key 2039 low.. but seemingly... not today.


sp'60min

VIX'60min

Summary

*VIX opens with one of those kooky downside spikes.. but much like we saw on March'18th (FOMC day)... and that sure didn't bode well for the equity bears by the late afternoon.
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So... its looking like we'll battle slowly higher into the afternoon.

Clearly though, we'll still see a sig' net weekly decline across all indexes, which bodes somewhat bearish for early next week.
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notable weakness: coal miners, BTU -5.4%
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10.16am.. a minor snap from sp'2061 to 2053... but really... this still doesn't look great for the bears.

Price structure on the micro 5/15min cycles is a bull flag... 


10.22am... see...

Somewhere in the 2070/80 zone