Friday, 24 July 2015

1pm update - VIX candle turns green

With the sp'500 slipping into the 2080s, the VIX daily 'rainbow' candle has turned an outright bullish green. A daily close in the 14s would give extra clarity that a gap fill in the 15/16s is due next Mon/Tuesday. Metals remain broadly weak, Gold -$2, with Silver -0.8%. The related miners are naturally also being impacted.



I was looking for a green candle.. and we now have one.

Regardless of the close (green.. or blue)... momentum is turning toward the equity bears. Stronger equity downside action looks very probable next Mon/Tuesday.

The bull maniacs should start being mildly concerned about the double floor of 2044 holding.

notable weakness: miners, GDX

Dire. Simply... dire.

1.01pm...  re: Monday. The daily MACD cycles are offering a bearish cross on Monday.. and that would bode for more significant downside.

Right now... the 200dma will be 2065 next Monday.. and would make for a rather interesting target... along with VIX 15/16s.