10am update - opening VIX reversal

US equities opening fractionally higher, but far more notable is the VIX. Having been smacked lower (for no good reason other than opex) to a new multi-month low of 12.50, the VIX looks set to push back upward. Equity bears should be seeking a Wed' close in the 14s, with sp' under the 2100 threshold.


VIX'60min

sp'60min

Summary

*note the opening hollow-red candle in the VIX...   often a sign of a reversal.. to the upside.
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Overall, its pretty subdued out there. Equity bears don't even need a significantly negative close to keep in range a weekly close in the sp'2060s.

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notable reversal... (to the upside), INTC, daily

Testing the 50 and 200dma in the $30.80/90s. Equity bulls could argue price structure is offering a large bull flag from mid March.... they just need to see the $33s to confirm.
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time to shop.. .back for the oil report at 10.30am.


10.31am.. EIA oil report...  2.1 million barrel surplus... relatively small....

Oil remains broadly weak, -1.7% in the $41s.