10am update - opening declines

US equities open significantly lower, breaking the Monday low of sp'1989. There is empty air to the 1965/50 zone, with the bigger weekly/monthly cycles offering 1920/00. Gold continues to build a fear bid, +$13. Oil breaks a new multi-year low, -3.1% in the $34s.


sp'60min

vix'60min

Summary

*opening black-fail candle in the VIX... bodes for a brief bounce to around sp'2000.. before resuming lower.
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Day'3 of the year, and we've now seen two big opening declines.

Clearly, there is plenty of time for a counter rally this month, but it will have to begin from lower levels than we are currently trading.

If the bears can manage 1920/00 zone, it makes ANY attempt to break >2040 again in the near term.. a certain FAIL.

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time to shop... back soon... for the Oil report.
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10.31am   Oil, net weekly draw of -5.1 million barrels.. seasonal issues?

sp' -19pts @ 1997    VIX +6% in the 20s....

Equity bulls are fighting hard, but sp'1986 makes no more sense as a low than 1989.