12pm update - moderately weak

The sp'500 has reversed from an early morning high of 2005 to the mid 1970s...   There is price cluster support in the 1960/45 zone, and it still seems highly unlikely the equity bears can manage sustained downside this side of the FOMC.


sp'60min

VIX'60min

Summary

**German DAX settled -2.3% @ 9498.. having swung from 9995.
--

Considering the power of the equity reversal this morning, the VIX is still really weak. Even the 20 threshold looks a challenge in the near term.

Best guess... threat of downside to 1960... worse case.. 1945.. then whipsaw higher into next Wednesday afternoon.

I would acknowledge.. that next Wed'.. even on a spike higher.. we might still fail to break the most recent two highs of 2009/2005.

In any case.. the more cautious bears should be able to just sit back for another 4 trading days.
--

notable strength, miners, GDX, daily2

Despite a second day higher, GDX is still trading under recent highs.. same for Gold/Silver.

--
time for lunch :)... and to see if the cheerleaders on clown finance TV are proclaiming 'Draghi messed up'.