3pm update - weakness into the close

US equities have managed to claw to an afternoon high of sp'1937... with VIX cooling to the 22s. The micro 5/15min cycles are arguably now maxed out, and some degree of renewed downside looks probable into the close.


sp'15min

VIX'15min

Summary

*I picked up two positions at 2.30pm... VIX-long... SPY-short.. from sp'1927.... and will hold overnight.
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So.. lets see if the market wants to trade lower into the close.. ahead of the Yellen.

For the wave counters out there.. the price structure from 11am to 3pm is a rather classic ABC/123 retrace.. as also reflected in the VIX.
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3.20pm.. Market is getting real twitchy this moment.. VIX is flipping around the 23 threshold.

The micro 5/15min cycles remains VERY HIGH.. and are due to cycle lower into the close.. and into tomorrow morning.