12pm update - just another bear flag

US equities appear in the process of merely churning out another bear flag. A daily close above sp'2010 looks very unlikely. First target remains the 1960/50s, and that should equate to VIX in the 25/26s. Oil remains broadly weak, -3.8%, having broken a new low of $34.17.


sp'15min

VIX'60min

Summary

For those with eyes on the bigger picture, this intraday nonsense really is just that... nonsense.

We're still on track for lower levels in the near term.
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VIX update from Mr T.



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What am I doing?

Well, I'm somewhat cautious, as from a pure cyclical perspective, the 60/15min cycles are not exactly on the high side.

I might pick up a short-index block within the next hour or so... probably by 2.30pm. In any case, no longs.
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time for tea :)