11am update - the R2K is not confirming the declines

Whilst equities do remain a fair way to the downside, there is notable resilience in the second market leader - the R2K, which is only lower by around -0.5%. With a typical turn/floor around 11am, there is threat of R2K turning positive into the afternoon.


R2K, daily

VIX,60min

Summary

*the opening black-candle on the VIX is similarly something to be very mindful of. They don't always play out... but usually... 80% or so.
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So... we're certainly lower, but there are a fair few non-confirmation issues that have me wary.

In any case... 11am is typically a turn time.. lets see what the bull maniacs can manage into 1-2pm.

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Notable weakness, copper miners, FCX and TCK, both lower by -11%. Both are fast approaching a level which could be a key cycle floor.


11.24am Sp' remains -1%, having briefly hit 1999.

It remains a very messy situation.. and there remains high possibility of a wave higher this afternoon.

Notable weakness, AA -6%