10am update - opening weakness

US equities open moderately lower, but once again, the equity bears appear powerless, with high threat of renewed upside for an initial attempt to clear the 200dma @ sp'2022. VIX opens higher, but the opening black-fail candle should not inspire those seeking downside ahead of the ECB this Thursday.


sp'daily

VIX'60min

Summary

So.. a little lower, but it should be clear to most there really isn't any downside power.. and considering the bigger weekly cycles (a bullish MACD cross has occurred)... the bulls are increasingly in control.

The next 8-10 trading days will be critical. Equity bears must hold the line at the 2020/40 zone...  with renewed cooling into end month.

If March closes strong.. then any talk of broader downside will cease.

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notable weakness: SDRL, daily

Not surprisingly, last Friday's bullish hysteria is starting to fade. Target: $0.00