2pm update - oil is not helping

Whilst equity price momentum is now in the process of swinging back toward the bears, there is notable weakness in WTIC oil, which has swung from early gains of almost 3% to currently -0.7% in the $39s. The $40 threshold remains pretty strong resistance.


USO, daily2

NYSE comp'

Summary

*note the current black-fail candle for the NYSE comp', which could even turn red by the close.
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Equity bears should be seeking a few daily closes back under the 200dma for each of the main indexes, and its notable for the sp'500, that is currently @ 2016.
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Not much to add.

With two hours to go.. considering the hourly equity/VIX cycles, there is serious threat of a marginal net daily decline for most indexes, with VIX set for the 14s.. whether by the close.. or tomorrow.

In theory... the hourly MACD cycle offers increasing downward pressure into the Thursday/March close.
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notable strength:  CREE, higher by around 3%.
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back at 3pm