1pm update - VIX likely clarifying a turn

US equities are holding moderate gains, but look increasingly vulnerable this afternoon, and much more so.. across tomorrow morning. A natural retrace to around sp'2080 - with VIX 15s, looks probable.. with Mr Market using Yellen as an excuse to 'get spooked'.


VIX'60min

sp'60min

Summary

Little to add.

*I do refer anyone to the VIX update from Mr T'... added late in the previous hour.
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So... I'm expecting a minor net daily decline... 2095/90 zone... with 2085/80 tomorrow morning.

Broadly... the weekly cycle is continuing to suggest upside into early August.. before things 'get interesting'.

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back at 2pm