11am update - eyes STILL on the VIX

Whilst equities break a marginally lower low of sp'2052... the VIX is not confirming the move.... still stuck under gap/key resistance. A latter day recovery looks very viable into the 2065/70 zone. Metals are holding minor gains, Gold +$2. Oil remains broadly weak, -0.7%


VIX'60min

sp'60min

Summary

We're at the typical turn/floor time of 11am.... lets see what the bull maniacs can manage into the early afternoon.
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To me, the VIX is a major warning that the market is in a flooring process...  but I realise a fair few bears would vehemently argue against that!

Notable weakness: AAPL -1.6%


11.16am...  market battling upward.. sp'2060... VIX about to lose the 16s.

Its looking pretty conclusive.... a daily close back above the 50dma of sp'2061 will be 'useful' to those who went long this morning.


11.40am.. Market still battling to build a floor. Hourly cycle will be offering a clear turn by this afternoon.

Most notable remains VIX... unable to break a new high.