sp'60min
VIX'60min
Summary
*price structure on the VIX hourly remains a large bear flag, and I will be rather surprised if the VIX does not cool lower to the 20 threshold within a week or two.
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So.. we're still sig' lower, and I realise many will be seeking a break <1900 tomorrow/later this week.. but for now.. I'm guessing the move from Friday to today was a simple (if somewhat powerful) retrace of last weeks 126pt hyper-ramp.
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notable strength: airlines, DAL +0.8%, UAL, 0.4%
updates into the close... not least if we see a major snap higher... or lower.
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3.22pm Price action sure isn't pretty, and there is no sign of a turn... indeed, there is no threat of another minor wave lower into the close.
The bulls face a problem in that we're going to settle just 1% or so from 1900 threshold.. and if 1900 fails to hold... then 1867 is next... but equally viable.. 1820.
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Can Draghi rescue things this Thursday, or will he seal the markets fate?
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3.33pm.. sp -57pts @ 1914... and right now. still zero sign of a turn. VIX confirms the new lows, +14% in the 32s.
Stray thought.. China.. will the leadership come on out again and start buying?
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3.43pm.. sp'1907... VIX 33s... what a train wreck.... a sub 1900 close is now viable...
3.48pm.. micro jump from 1903 to 1912.. but really.. it is a train wreck of a close.
The threat is now an overnight gap lower.. straight through 1867.. and to 1820... tomorrow.