US equity indexes continue to unravel, with the 200dma of sp'2072 in imminent danger of being broken, but more importantly... closed under today. VIX is reflecting increasing market concern, now in the 14s... 15s look a given.. whether late today.. or tomorrow.
*Yesterdays spike floor/reversal on the VIX of 10.88 is being confirmed with strong upside today. A close in the 14/15s looks probable.
Whether you want to count the current price action as some kind of sub'3 wave lower... what is clear, price momentum on the bigger daily/weekly.. and more importantly.. monthly cycles are turning more to the bears with each and every day.
Regardless of any minor bounce this afternoon.. or even an opening Friday gain, I am seeking the sp'2050/40s.. along with VIX 16/17s late tomorrow... or Monday.
Either way.. I am very content with things.
back at 2pm