1pm update - remaining in chop mode

US equities remain in minor chop mode, although with some distinct weakness in the energy/mining sector. VIX remains broadly subdued in the 14s, and even a move to the sp'2000/1990s, would still see the VIX struggle to break above the key 20 threshold.


sp'60min

VIX'60min

Summary

Little to add, as the market churns.

Without question, at the next rollover.. equity bears should be desperate to take out the Friday low of 2039, to offer the more interesting 2000/1990s.

.. and it remains the case that next opp' for sig/sustained downside is unlikely before the tail end of the month.

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notable weakness... CAT

One of the particularly weak DOW components... next support is the 200dma in the 69s.