VIX continuing to claw upward

With equities closing moderately lower, the VIX settled higher for the second consecutive day, +6.7% @ 15.51 (intra high 15.88). Near term outlook is for the sp'2060/50s, which should equate to VIX 18/20 zone. Even if sp'2020s, sustained action >25 looks out of range.


VIX'60min

VIX'daily3

Summary

Arguably.. today saw a provisional breakout for the VIX, as seen on the hourly chart.

The 18/20 zone looks due.. as early as this Friday.

Things would get marginally exciting with sp'2020s.. that might equate to VIX 23/25 zone... for a 'few hours'.
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more later... on the indexes

Closing Brief

US equity indexes closed moderately weak, sp -7pts @ 2102 (intra low 2096). The two leaders - Trans/R2K, settled lower by -0.6% and -0.1% respectively. Near term outlook offers a cycle high of 2116, with first downside target of the 200dma (2060s), and secondary of the 2020s.


sp'60min

Summary

*closing hour action: micro chop... leaning on the downside.
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Certainly, a far more interesting day than yesterday, with the first opportunity of sig' downside this coming Friday.

A weekly close in the 2060/50s, along with VIX 18/20, would offer hope of a retrace that will last a good 7-8 days.

On no realistic outlook though does sustained action look viable under the giant sp'2K threshold.
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Awaiting earnings from FB, QCOM, and WFM
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more later... on the VIX

3pm update - minor net daily declines

US equity indexes are set to close a little lower, but clearly, nothing significant.. with first realistic opportunity for a -25/30pt day this Friday. VIX is holding onto gains of around 4% in the low 15s. Metals are lower for a sixth consecutive day, with Gold -$9, and Silver -1.1%. Oil is -3.0% in the $46s.


sp'60min

VIX'60min

Summary

Price action is clearly still very choppy.. and for now.. there is little to expect until Friday morning.

notable strength: NFLX, TSLA... the latter remains a corporate joke, having posted yet another lousy earnings report. Hell, at least NFLX posted a profit.. if fractional (along with help via some accounting tricks).

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Earnings due at the close... FB... and WFM.

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back at the close...