sp'daily5
Summary
Hello! Well. I was looking for a negative open. but not of this degree. Things are getting somewhat interesting. However... it is important not to get lost in any bearish hysteria.. right?
Why the decline? Rising USD is not helping... almost near the 100 level.
Target was the sp'2065/60 zone, and we're likely to undercut that at the open. Typically, we'll floor around 11am... so... a washout until then seems likely.
Bears should be VERY mindful of an opening black-fail hourly candle on the VIX... especially one in the 16.50/17.00 zone. Right now, the 18s look out of range.
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Notable weakness: oil/gas drillers, RIG -2%, SDRL -3%.... energy names remain in real trouble.
INTC, -1.7%... particularly weak of late, but still.... unquestionably one of the finest tech stocks.
9am sp-18pts... so that is 2061... where the 50dma is.
*Cramer set to open the market.... clearly... the end of times has begun.
9.13am sp -15pts... 2064.... there is clearly some support at current levels.
Eyes to the VIX... at the open.
9.32am... Cramer rings... and the market sinks.... 50dma being tested.
9.34am.. BLACK-fail candle on the hourly VIX..... bears.............. beware!
9.38am... VIX black candle holding.. despite equities @ 2060.
Bears have a real problem here... from a cyclical/wave perspective.
9.42am.. Reversal candles starting to appear..... such as SPXL (3x long sp'500)
9.44am.. Black-fail candle STILL on the VIX.. just below key resistance. VIX is likely maxed out.. on this multi-day cycle.
9.48am.. VIX candle turns marginally bullish.. but still.... it looks vulnerable... not least via the equity 5 wave count... which remains pretty clear.
9.50am.. 5min cycles are offering a turn from sp'2058.....
.. another micro wave lower... 2056.... Hmmm VIX still holding below gap resistance.
9.59am.. VIX is going to settle the opening 30mins with a classic BLACK-fail candle....
Down cycle from 2119 is surely complete..... its 'build a floor time' for Mr Market...