The US market has finally started to break lower, having ramped from sp'1980 to 2119. A natural retrace would be to test the rising 50dma in the sp'2060s.. where there are other aspects of support. Metals remain weak. Oil is trying to build gains, +0.9% on war talk from Netanyahu to the US Govt.
sp'daily3 - fib retrace
*the VIX is most telling...a key break to the upside... first target are the 16/17s. The 19/20s look out of range on a retrace to just the sp'2060s.
So.. we're finally seeing some breaks... with the daily MACD cycles seeing bearish crosses all over the place.
A move to the 2060s looks due.. but that is probably all it will be.
VIX update from Mr T
time for lunch... back at 1pm