1pm update - remaining broadly weak

Despite a secondary bounce, US equities remain broadly weak. A weekly/monthly close in the sp'2050/40s looks probable, and that will make for a net monthly decline. VIX is seeing some interesting upside, but still relatively low in the 16s. Next downside target is sp'2040 with VIX 18s.


sp'weekly1b

VIX'daily3

Summary

*at best.. VIX 19-21 'briefly' next week with sp'2030/20s... but that is a stretch.
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Little to add.

Some renewed selling into the weekend looks due, as some of the bull maniacs should be at least marginally concerned about next Monday's open.

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notable weakness... QCOM, daily

Ugly... and if the broader market implodes.. QCOM will be a $30 stock. I realise that target sounds like 'crazy talk' right now.
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back at 2pm