Volatility slumps into the close

With the indexes staging a closing hour rally to close largely flat, the VIX saw earlier gains of 5% vapourise, and closed 2.6% lower @ 16.62. Clearly, the close was a very disappointing one for those on the bearish side of the market.


VIX'60min

VIX'daily

Summary

A very disappointing close for the bears. The VIX teasingly almost broke into the 18s in the early afternoon, but with the indexes rallying back to evens, the VIX closed badly. The red close was indeed a bad one, and does not bode well for Tuesday.

Next soft support is around 16.25/00, which looks likely early Tuesday.

It will be absolutely vital that the VIX closes above 16 tomorrow, and preferably even moderately green, otherwise the near term trend is going to shift back to the bulls.

More later

Closing Brief

The market managed to close flat, aside from the Nasdaq (+0.5), due to a 4% ramp in AAPL. The VIX closed particularly weak, following earlier gains of 5%


dow'60min

sp'60min

Summary

A disappointing closing hour for the bears. We saw one of those nasty closing hour ramps, where just about every day-trader -and many of the swing (multi-day) trading bears will have got stopped out.

Lots to say, but that's for later. Its time for tea.

3pm update - closing hour weakness?

Mr Market is still weak, and despite a number of micro-ramps, we're still set to close moderately red on the main indexes. Next downside target is the recent cycle low of sp'1397


sp'daily5

Summary

A good start to the week so far, although the VIX is lagging a little.

Bears should seek a close <1425, with VIX +5%

Anything <1420 should be considered a bonus


back after the close :)