After some minor swings this morning, a few hours of chop, the hourly equity MACD cycles are finally in the process of seeing a bearish cross. Underlying price pressure should be increasingly weak into the monthly close, but with the first opportunity of significant downside not until next Monday.
sp'60min
VIX'60min
Summary
So... with two trading hours left of July... we're getting the first proper bearish signal.. with a short term peak of sp'2114, with a VIX floor of 11.82.
notable weakness: oil/gas drillers, RIG/SDRL, both lower by around -5%.. as Oil -2.6% in the $47s.
