10am update - opening reversal

US equities open lower, but there is a rather clear reversal underway. Notably, the opening VIX candle is a classic black-fail, and those are not to be dismissed lightly. For the equity bulls... Yellen still remains a frustrating day away.


sp'60min

VIX'60min

Summary

So, an early low of sp'1835.. and we have a rather classic opening reversal, as the equity bears seem exhausted.

First soft upside target is the 1880/1900 zone... and that is certainly viable tomorrow once Yellen's press release appears.

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notable early reversal... DIS, daily

Yesterdays candle was pretty spiky... and it seems probable we've just seen a pre-earnings low of $89.05. First upside target is the 97/98 zone... which will be hit if sp>1947 within 7-10 days.