12pm update - chop chop

US equities remain in minor chop mode... before the downside resumes. Late day weakness looks probable, with a net daily decline across most indexes. Transports remains notably weak... seemingly headed for 8K... secondary target is the Oct' low of 7700.


Trans, daily

sp'weekly

Summary

On the bigger weekly cycle, the sp'500 sure looks tired. A weekly close <2100 (probable.. in my view).. would make for a pretty bearish weekly candle.. offering further downside next week.

A hit of the lower weekly bol' - currently @ 2057 (with the 200 day MA lurking nearby), would open up a more sig' bearish wave (under the giant 2K threshold) later this summer, but more on that.. if we get there.

notable weakness, BTU -4.1% in the $2.30s... just another day of horror for the coal miners.
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VIX update from Mr T.   due

*seemingly not appearing

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time for lunch


12.28pm.... baby bear flag on the hourly cycle.... market does look maxed out from 2115... weakness into the close 

11am update - minor chop

US equities are seeing some minor chop, with a probable high of day at sp'2115. VIX is broadly flat in the low 13s. Daily MACD cycles are swinging in favour of the equity bears, a very significant equity down day looks probable.. tomorrow.. or more likely... next Monday.


sp'daily5

VIX'daily3

Summary

I am trying to not get lost in the minor noise.. and for this hour.. a reminder of the daily charts.

At current rate, we should see a more significant move within the next day or two.
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notable weakness: NFLX -3% @ $658... the 706 high now looks a long way up.

strength: INTC, +0.9% @ $32.20...  price structure remains a large bear flag though... and I remain short.

10am update - opening reversal

US equity indexes open higher, but the gains have quickly faded. The VIX has turned positive, and looks set for the 14/15s (at least) before the weekend. Metals are a little weak, Gold -$1, with Silver -0.3%. Oil continues to cool, -0.9% in the $59s.


sp'60min

VIX'60min

Summary

*Classic opening reversal... with black-fail candles all over the place.
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So much for the overnight gains... we're set for further weakness today...  and into the weekend.

I remain waiting for more whining and bitching from Greek leader Tsipras. He is clearly looking to hold out for more concessions from the Troika... as the clock ticks closer to end month.

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notable weakness, NFLX

Daily chart looks plain ugly.... first target is the little price gap zone around $600, which is a full 10% lower.