12pm update - the Transports says no

Whilst the rest of the market is building moderate gains to sp'2082, the 'old leader' - Transports, is not buying any of this mornings nonsense, currently -0.2%. The bigger monthly cycle for the Trans remains an increasing problem, with the last 4 of 5 months... net lower.


Trans, daily

Trans, monthly

Summary

Transports is indeed an issue.. but still.. bears need to take out rising trend.. around 8250, to cause some real concern.

As for the broader market.. without question, equity bears need a daily close back under the 50dma of sp'2073. Considering we still have a long afternoon ahead.. there is plenty of time for a rollover.
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VIX update from Mr T


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time for tea.. or something stronger.
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12.35pm... 3 trading hours... 29pt (1.4% swing) 2056/2085.. pretty crazy

Oil continues to help... +4.1%