1pm update - retracing

US equities appear to have begun a retracement... if very minor. There are multiple aspects of support in the sp'2060s... which will probably equate to VIX in the 17s. Metals remain weak, Gold -$1. Oil has built sig' gains of 1.3%... no doubt on war-talk.


VIX'daily3

Summary

Little to add.

I'm aware some are seeking a move to just the 2080s... but it'd seem more natural for a slightly bigger move to test the 50dma.

Certainly... a move to the 2060s is viable this week, but sustained trading <2050 looks highly improbable... not least with the ECB QE-pomo set to begin.

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Notable weakness: BABA, -4%.. having failed to hold the key floor.

There is now rather obvious downside to the original IPO level of $68.
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stay tuned!