The sp'500 has seen a clear failure to break/hold first soft target of the 2080 threshold. Oil has similarly cooled from earlier gains, currently -1.4%. Regardless...the underlying upward pressure is still there. The only thing that could critically wreck Christmas is Yellen, and her economic cohort at the Fed.
*I highlight the VIX for two reasons... First.. note the opening black-fail candle. Second, note the flash-print of 15.72 around 10.30am. The VIX computer is a little 'twitchy' this morning.
So... a swing from 2056 to 2080... and back to 2055.
Clearly.. market is coiling up for something big.
VIX update from Mr T. due
time for tea :)
12.24pm... Any action <2047... would be a real problem
12.28pm..sp' sitting on rising support at 2048.. a very sig' swing of 32pts (1.6%) from the morning peak.
Oil is -1.1%... having swung from gains of around 3%.
notable weakness: AAPL -2.1%
12.30pm... and support fails to hold. Next up..2042.
VIX +9% @ 19.20. A break into the 20s would be a real surprise.
12.39pm... Its starting to turn into a train wreck.... 38pt swing in 2hrs... to 2042.. testing the recent low.
12.41pm.. and there go the sp'2042 stops... with VIX 19.87
Next level 2019.