2pm update - choppy and weak market

The main indexes have broken yesterdays lows, and the Cypriot news is still unsettling quite a few out there. Yet, the Fed is tomorrow, and there remains a significant chance of a stupid ramp. Oil is noticeably lower, metals are somewhat weak, the higher dollar is not helping.


sp'60min

vix'60min

Summary

Hmm..what to say?

Certainly, the VIX has hit the first target zone ahead of schedule. I'm still guessing there is a significant chance it will pull lower tomorrow. I'm not chasing it higher at these levels.

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*I am long USO, the smaller cycles look pretty floored

USO, 15min

A few flooring spikes...the MACD cycle is VERY low....and HUGE volume.
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UPDATE 2.13pm  market trying to battle higher. First resistance will be the neckline of 1550 when it snapped earlier. 1552/53 will be difficult to close above, but then..its a pomo day...like every day.

sp'5min

Lets see what the maniacs can do with still over 105 mins left of the day.