2pm update - battle continues

US equities continue to see rather notable intraday swings, although the VIX is certainly not in favour of broader market downside. A daily close in the sp'1900s remains viable... with a weekly close >1920, regardless of the next lousy GDP data print (market consensus is around 1.0%).

sp'daily5

sp'weekly1b
 

Summary

*the current weekly candle is already offering a rather clear spike floor from sp'1872. A Friday close >1920 would really give clarity for where we'll be in 2-3 weeks.
--

Well, there is little to add.. as the market is fighting hard for a net daily gain.

Volatility is still comfortably above the key 20 threshold, but looks set to melt into the upper teens as early as tomorrow.
-
notable weakness, airlines, DAL -3.3%, UAL -3.0%.... higher oil/fuel prices are not going to help.