VIX back in the 16s

With the main indexes closing moderately lower, the VIX managed to hold minor gains of 6.8%, settling @ 16.60. Despite the continuing US Govt' shutdown, the market remains relatively unconcerned. VIX still looks unlikely to break into the 20s in the near term.


vix'60min

vix'daily3

Summary

Unless the VIX can break above the Monday opening spike high of 17.49, equity bears look to be fighting a losing battle - at least for a few weeks.

The morning open, with the sp' testing ...successfully the 50 day MA, was an important victory for the bulls, and sets up a break into the sp'1700s either tomorrow or Friday.

Indeed, any weekly close of sp'1693 or higher, and the weekly charts will remain outright bullish.

more later..on the indexes

Closing Brief

The main indexes closed moderately lower, with the sp -1.5pts @ 1693. The two leaders - Trans/R2K, both closed -0.4%, but well off their opening lows. The VIX held gains of around 5%, closing in the mid 16s.


sp'60min

Summary

I realise for many, this market is getting increasingly annoying, if not confusing again.

I can only suggest anyone go stare at a weekly/monthly index chart for a good hour.

Either that..or watch the latest episode of Agents of Shield.
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the usual bits and pieces across the evening.

3pm update - rally into the close

The smaller 5/15min cycles are primed for upside into the close, not least with underlying upward pressure from the hourly/daily..and bigger cycles. Metals/Oil remain strong with gains of 2%. A close in the sp'1700s will be difficult, but if achieved, would confirm yesterdays apparent turn.


sp'5min

sp'daily5

Summary

As I type, the micro 5min cycle is trying to break back upward.

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Well, its been a messy few days, lets see how the closing hour goes.


3.16pm.. Equity bulls should be content with any close in the 1690s, but 1694 or higher would make for a great floor-spike daily candle.


3.30pm...Market is set up almost exactly the same as yesterday, a little ramp into the close still looks likely.