12pm update - key support fails to hold

The key sp'1900 threshold fails to hold, although price action remains very much in non-panic mode. VIX is in the 26s.. and it would now seem sp'1867 would equate to VIX 29/30 zone. Commodities remain broadly weak, Gold -$11, with Oil back on the slide, -2.0% in the $44s.


sp'daily5

VIX'daily3

Summary

Well, it seems I was overly cautious.. and we're seeing a market that simply can't hold key support.

There is now obvious threat of 1867.. whether tomorrow or Wednesday.

notable weakness: FCX -10%... as many question how low Copper might go.. along with the fate of Glencore.

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*With support broken, I will consider a re-short on any minor bounce into the afternoon
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VIX update from Mr T.



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time for tea
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12.04pm.. R2K... breaks the Aug' low.

Next support... 1040.. the low of Oct'2014... and that would equate to sp'1820.. this Thurs/Friday.
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12.27pm... Market trying vainly to form a floor..

sp15min...

Right now.. best case upside bounce is 1910/15...