2pm update - remaining broadly weak

US equities remain very significantly lower, sp -46pts @ 1875, having seen an earlier low of 1857.. decisively breaking the Aug' low, and confirming the much earlier breaks in the Trans/R2K. VIX remains elevated, +22%, but relative to the equity weakness, is somewhat surprisingly only in the 29s.


sp'60min2

VIX'60min

Summary

*VIX is looking somewhat toppy, and it is indeed surprising to see VIX still not trading into the 35/40 zone.
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With each new low, the equity bounce target is lowered, and it should be clear to even the cheerleaders on clown finance TV, we ain't going to be >2k for a long.... long time.

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other issues today...

Gold, +$11, classic fear-bid gains...  with GDX +0.4%... a bad week overall though for ALL miners

Oil -5.3% in the $29s... next support is around $25.  Sub $20 looks due for 'industry capitulation'.
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Two hours to go... opex... expect more chop... and increasing vol'. 
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2.17pm.. Cyclically, hourly MACD cycle is offering a turn/floor from sp'1857... but there are an awful lot of reason to dismiss the smaller cycles right now.