1pm update - battling to build a floor

US equities are battling to build a floor, having seen an intra low of sp'2079, with VIX 14.44. There is viable moderate upside this afternoon, but with it being opex... the market looks certain to see a net weekly decline for all indexes. Oil is slowly sliding, -0.8%, but still hugely net higher on the week by around 8%.


sp'60min

Summary

We have an interesting afternoon ahead. As ever.. since its opex, expect increasing chop into the weekly close.

Hourly MACD (blue bar histogram) cycle is clearly on the very low side. On any basis, the bulk of the declines in this down wave are complete.

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Notable weakness: BABA, -2.5%

If BABA falls much lower than $81.. it opens the door to the IPO price of $68.

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stay tuned