2pm update - mid afternoon chop

US equities are holding significant declines of around -1% in the mid sp'2040s. VIX is higher by 6% in the mid 16s. The weekly close is a tricky one to call, with a viable break of 2039.. but with similarly viable upside to 2070 next week. Regardless of the exact close, it has been a week for the bears.


sp'60min

VIX'60min

Summary

Suffice to say... hourly candles are suggestive of a floor... but I have low confidence right now that 2039 will hold before the close.

In any case... even if market can rally another wave higher.. it will VERY likely get stuck in the 2070s.. and then roll lower to the 200dma.
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Notable weakness: oil/gas drillers, RIG -4.2%, SDRL -6.6%