12pm update - a fractional new high and low

US equities break a fractional new cycle high of sp'2129, with VIX cooling to 11.71. From a pure cyclical perspective, a retrace remains due. Metals remain exceptionally weak, Gold -$23, whilst Silver has managed to turn a touch positive. Oil is increasingly weak, -0.9%


sp'60min

VIX'60min

Summary

Hmm, not much to add.

On any 'fair basis', this market needs a retrace, at least to the sp'2100 threshold... but that would likely only equate to VIX 14s.

If we're to fill the lower end of the primary VIX gap of 15/16s... we'll need at least sp'2090/85, and right now, that is clearly out of range until late Wednesday.

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VIX update from Mr T.   due

*seemingly a no-show*

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time for a cool drink