VIX'60min
sp'60min
Summary
*first, to be clear... an intra bounce would be very natural... but on no basis would I see the opening low of sp'2049 as being the low of this cycle.
At the very least we look set for 2040/39... if not the lower zone of 2020/10... where the 200dma will be lurking next week.
So... right now... it looks like this market weakness will drag out into early next week/end Q1.
-
As for Saudi Arabia/Yemen, that is no doubt the direct cause of major gains in Oil.. +3%... back above the $50 threshold. Same for Gold, +$8
..stay tuned.
-
10.01am... The opening VIX candle flips back to white... just before 10am... with the market snapping back lower.
*it is notable that in pre-market.. the sp'500 was trading at equiv' of 2040.
-
10.07am.. VIX breaks a new high.... with sp'2048... its getting a little wild again.
weekly VIX cycle offers 21/23 zone... but more viable early next week. That would be suggestive of sp'2020/10.
10.16am.. VIX 17s.. which is pretty incredible... having been in the mid 12s. just this Tuesday.
-
10.19am.. for those with eyes on the bigger picture... we now have HUGE bearish engulfing candles on the weekly cycles. It bodes for lower lows next week... sp'2010/00 zone remains a VERY natural target.