2pm update - micro churn, but leaning higher

US equities remain in micro chop mode, but clearly... underlying price pressure remains leaning on the upside. The giant psy' level of sp'2K looks due tomorrow. No doubt, a great many bears will get short-stopped out, and some of the bull maniacs will then start touting new historic highs for this late spring.


sp'60min

VIX'daily3

Summary

Seen on the bigger daily chart, the VIX continues to melt lower, with the 15s viable in the near term.

Naturally, the 2x lev' bullish VIX instruments of TVIX and UVXY have been cut in half since the Feb'11th high.

UVXY, daily

With another two weeks of decaying churn, and if the sp'500 can battle to the 2020/40 zone, it will likely knock another 15/20% off these widow making VIX ETF/ETNs.

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