1pm update - still weak

Despite a rally from sp'2087 to 2100, there is still an air of weakness in the broader market. Certainly, the notion of new historic highs looks highly unlikely in the coming days. Primary downside target remains the sp'2060s, which should equate to VIX (briefly) in the 17s.


sp'60min

Summary

So... a rally into the early afternoon, but the smaller 5/15min cycles are now maxed out. I'd be surprised if we don't start falling after the typical turn time of 2.30pm or so.

A daily close in the sp'2080s would be useful... along with VIX 15s.

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BABA was lower in early trading, but is currently holding sig' gains of around 3%

With the floor taken out.. this is arguably a bonus opportunity for those still long to make a run for it.
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*awaiting the Fed beige book at 2pm