VIX claws upward

With equities broadly weak for a third consecutive day, the VIX opened higher (intra high 15.50), cooling into the early afternoon, and settling +7.6% @ 15.29. Near term outlook is mixed, with the bigger weekly cycle offering VIX 18s later this week, along with the sp'2050/40s.


VIX'60min

VIX'daily3

VIX'weekly

Summary

*note the weekly cycle,... bullish MACD cross, with upper bol' offering the 18s... probably equiv' to sp'2050/40s.
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Despite a third day of equity weakness, the VIX remains relatively subdued, still stuck in the mid teens.

The big 20 threshold looks out of range in the current cycle... even if sp'500 test the 200dma (currently 2045.. and rising)... later this week.
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more later... on the indexes

Closing Brief

US equities closed broadly weak, sp -13pts @ 2079. The two leaders - Trans/R2K, settled lower by -2.0% and -0.6% respectively. Near term outlook is uncertain, with some stocks (INTC, AAPL for instance) suggestive of further downside across this week.


sp'60min

Summary

*a pretty stinky closing hour... a full reversal of the 2pm attempt to put in a floor.
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A somewhat tedious day, but clearly another day for the equity bears.. with the Friday low (sp'2085) decisively taken out.

Next support is not until the 200dma.. currently @ 2045..    2050 by end week.

.. yes, I'm surprised.. not least as the USD is rapidly cooling.
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more later... on the VIX

3pm update - another floor attempt

Having failed to hold the Friday floor of sp'2085, the market is now battling upward from 2079. Equity bull maniacs need to see a daily close >2100 to offer some hope that a short term low is in. VIX is reflecting moderate market concern, +5% in the upper 14s. USD increasingly weak, -1.0% @ DXY 95.30s.


sp'60min

UUP, daily2

Summary

*USD is having a pretty bad day for no apparent reason.. other than near term trend.  As ever.. weaker USD will be helping the metals/oil to some extent.. although many would be dismissive of the latter.
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An hour left of what has been a pretty tedious day.

Regardless of the close... I'm dwelling on INTC...   given the current trend.. it should be testing the $29 floor within 3-4 days. More on that one.. after the close.
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notable weakness: airlines, DAL/UAL, both lower by around -4.6%