12pm update - marginally interesting

US equities have cooled from a morning high of sp'2072 to 2063.  VIX is similarly offering a turn, from a new cycle low of 13.06. Equity bears should remain desperate for a marginally red close.. with VIX back in the 14s. That sure won't be easy, but cyclically, the setup now favours the bears.


sp'60min

VIX'60min

Summary

*notable weakness, Gold -$15, with the miner ETF of GDX -2.9%  ... but more on those later.
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Things are indeed 'marginally interesting' with a natural turn from 11am.

Overall though.. I'll take things seriously once I see VIX 14s, with sp'2040s. That would give initial clarity that a retrace might finally be underway.

In any case...  a red daily close is clearly now viable.

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time for lunch