Volatility again in the 20s

With equities seeing a complete failure of the morning gains, the VIX broke higher in the afternoon, settling +4.9% @ 20.56 (intra high 21.58). Near term outlook is uncertain, not least with equities threatening a wave lower to the 200dma of sp'1965.


VIX'60min

VIX'daily3

Summary

A pretty wild day for the US equity market, and in some respects, its almost surprising the VIX did not explode faster.. and higher.

In any case.. another break above key 20 threshold. Whether the VIX will continue climbing into the mid 20s.. difficult to say.
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more later... on the indexes

Closing Brief

US equities saw one of the strongest intraday swings in some years. The sp'500 swung from a morning high of 2056... breaking lower to 2008 @ 2.30pm.... clawing higher into the close, settling -5pts @ 2023. The two leaders - Trans/R2K, settled -0.5% and u/c respectively.


sp'60min

R2K, 5min

Summary

*a fractional net gain for the R2K, but still... that was one nasty drop from the earlier high of 1200.
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... without question.... the opening gains were no surprise... but the utter failure of them were.

It was one hell of a day in market land... and price action is now leaning bearish.

Price structure is something of a mess. The one thing bulls still have is that the rising trend - seen on daily charts, is just about holding.

Any break under today's low of 2008, would bode for a move lower to the 200dma... in the mid 1960s.
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With some very dynamic action today... a full set of updates to wrap up the day... across the evening

3pm update - crazy day

Regardless of where the market closes, it has been one crazy day in market land. After stronger than expected opening gains to sp'2056.. we've seen the strongest intra-day swing since Nov'2008 (according to clown finance TV). After today's price action... near term outlook is now very uncertain.


sp'15min

sp'daily5

Summary

*seen on the daily chart, today's candle illustrates a major fail for the bull maniacs. Even if the market closes in the sp'2030s (which won't be easy).. the spiky candle does not bode well for the bulls.

We're just about holding the rising lower trend... but its marginal... 'at best'.
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Notable weakness, Copper, -5%.. with a new multi-year low of $2.58.

...updates into the close.............


3.14pm... chop chop... just above the low.. sp'2012 with VIX 21s.

Clearly, anyone short is getting the opportunity to exit...  price action remains BEARISH in the immediate term. Arguably... until we take out the Fri' high of 2064... outlook remains uncertain.


3.19pm.. sp'2019.... VIX cooling... but regardless... the technical damage has been done.

Real carnage in the copper market today... finally starting to 'catch-down' to Oil.. you might say.


3.35pm.. Bears starting to close out... sp'2021.. .VIX still holding the 20 threshold though.

Regardless.. a massive intra-day swing.... major bull FAIL.


3.38pm.. HUGE short-stop cascade underway... sp'2024.... the 2030s are still viable by the close... not that it negates the earlier FAIL.


3.40pm.. HYPER ramp underway... bears on the run.... this is one WILD CRAZY day.

VIX set to close red.


3.45pm... Smaller 15min cycle set to get a bullish cross into the close... bodes for 2040/50s tomorrow morning.

WILD day.... very unexpected.


3.52pm.. renewed weakness... market trying to get a close above the broken low of sp'2022... now looking unlikely.

back at the close...............