1pm update - baby bear flag

Yesterday saw the big ascending wedge broken, and after some morning chop, we now have a baby bear flag. More significant weakness into the weekly close.. and stretching across into next week looks probable.
The sp'2060s (if briefly) should equate to VIX in the 16/17s.


sp'60min

VIX'60min

Summary

A rather clear flag. Certainly threat of another minor wave higher this afternoon, but overall.. it certainly bodes for more significant weakness tomorrow.

After all, who the hell wants to be long across the coming weekend? Should be a powerful instance of 'rats selling into the weekend'.

notable weakness: NFLX -3.1% @ $657 ... the entertainment continues... in more ways than one!

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back at 2pm