12pm update - market fails to hold together

US equities have seen a clear failure to hold the retrace low of sp'2085... hence a rather strong snap lower as long-stops are being hit. VIX is confirming the move... jumping 8% into the upper 14s. Metals and Oil are both holding gains, as the USD remains weak, -0.3%.


sp'60min

VIX'daily3

Summary

So..a clear fail.. and yes.. I am surprised.. although I can't be the only one.

Next support zone is pretty clear.. 2070/61.. where the 50dma is also lurking.

Price action is clearly a lot weaker than expected, but on no basis should any of the equity bears be getting overly excited at this.

*notable weakness: DISCA -3.2%.
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VIX update from Mr P.



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time for tea :)
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12.45pm.. Well.. we're at top of next support zone... just above 50dma....   VIX +11% in the low 15s.