11am update - remaining weak

US equities remain moderately weak, with the sp' having tested.. and so far held, the key 200dma @ 2073. The bigger weekly/monthly cycles continue to bode for lower levels. For now, VIX is failing to show any upside power, but price structure does favour the equity bears into next week.


sp'daily5

VIX'60min

Summary

*note the baby bull flag on the VIX hourly. A break this afternoon >14.50 would be significant...
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So, a lot of chop.. on the weak side, but nothing significant yet for the bears.

As things are... all indexes are set for rather bearish net weekly declines.. which certainly keeps the trend to the downside next week.

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notable strength: bonds, TLT +0.7% in the $123.60s. A weekly close in the 124s would be a good sign for the equity bears.

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time for an early lunch


11.15am.. BREAK BREAK BREAK....    sp'2072...  with VIX 14s.

*I see some still touting new index highs....      kinda bizarre.