10am update - opening reversal

US equities open with borderline significant gains.. to sp'1949, but there are some signs that the rally is not sustainable. The micro 5/15min cycles are clearly over stretched, and there is threat the main indexes will close net lower. Broadly.. bears should be seeking a weekly close <1958.. preferably 1950.


sp'60min

VIX'60min

Summary

*a clear opening reversal candle in the VIX.
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We have a long day ahead... if the bulls fail to hold any gains today.. it will be yet another reminder of the broader weekly/monthly cycles which are unquestionably broken.

*I remain moderately short.. with ZERO interest in switching long.

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time for an early lunch... back soon.
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10.19am.. VIX -6%... back in the 22s.  Things are getting real interesting.. .with sp' 1944

We'll no doubt get a down cycle into the afternoon.

... the 1930s look due... which would really spook many.