sp'60min
VIX'60min
Summary
Downside target remains sp'2065.. which should equate to VIX (briefly) in the 17s.
Absolute best downside is arguably the 2040s with VIX 18/19s, but frankly.. that looks highly improbable.. not least as the ECB QE-pomo train is about to arrive in the EU.
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Notable weakness... a great many I could list....
AA, BTU, CHK, SDRL, TCK, all of those remain bearish in the near/mid term.
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updates into the close... not least if we slip into the 2080s.
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3.15pm.. market stuck under the sp'2100 threshold.
I realise some have been recently calling for 2088 as a low.. but to me.. that makes little sense. The daily MACD cycle only turned negative today, and typically can fall for another 3-5 days.
The 2060s look due... but clearly.. that will be pretty difficult before the weekly close.
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meanwhile... the comedy continues in the land of (toxic?) wood.
LL, daily
Another dire day for Lumber Liquidators... and looks even worse on a giant 10yr monthly chart. No apparent floor until.... $0.00
3.45pm.. Despite all the micro rallies... looks like we'll get that close under the daily 10MA... and the sp'2100 threshold.
back at the close... to wrap up the day.