Volatility a touch higher

With the indexes largely trading sideways - after Tuesdays strong gains, the VIX did much the same. With some minor chop in the closing hour, the VIX closed +0.4%  @ 13.53. Near term trend looks weak, the only issue is whether the previous low of 12.08 will be broken.


VIX'60min

VIX'daily3

Summary

Importantly, the daily MACD cycle has now seen a bearish cross, and we're back to a negative cycle.

We could trundle/melt lower for some days, if not a few weeks.

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When the sp' is trading around the 1555/65 level, it will be interesting to see just how low the VIX gets. Right now, a new low <12.08 looks somewhat 'difficult'.

The key VIX 20 threshold looks an awful long way up. Even a Dow -260pt day still failed to get the VIX to what used to be relatively typical volatility level.

more later..on the indexes

Closing Brief

A quiet day in market land. We melted higher..but the minor gains started to fade into the close. The hourly index charts are offering a pretty good bull flag, with upside into the 1550/60s by the Friday close. The big issue remains, how big a down cycle will we get in the weeks/months ahead?


sp'60min

Summary

A bit of minor chop to conclude Wednesday. Not much to add really, aside that I guess we'll be breaking above that bull flag..either late tomorrow..or more likely on Friday.

A weekly close in the 1560s..would be pretty fierce way to end the first full trading week of March.
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*I holding long overnight, via Silver.and Oil. Both look okay for a few days..and maybe a few weeks.
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more later...on the usual stuff

3pm update - the melt

A quiet afternoon, but as ever, low volume allows the algo-bots to more easily melt the market higher. Certainly, the gains are small, but for the bears..its just relentless slow pain.


sp'60min

Summary

*its not labelled on the chart, but you could argue thats just a large bull flag setting up on the hourly index chart.

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The 'melt' is unquestionably largely due to the bots.

I sure don't expect the SEC to do anything about that...so even if 'somehow' the doomer bears did get their major lower..whether this year..or next...the bots will still be there..ready to melt it all back  higher.
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*Oil..and metals climbing in the past hour..will be interesting to see where they close.

back..after the close.