2pm update - still a bit choppy

US equities are holding moderate gains, but price action remains pretty choppy, with a minor pull back to the mid 1880s. VIX remains cooling, -7% in the 22s. There is renewed weakness in Oil, -2.2%, with Nat' Gas -2.6%.


sp'60min

VIX'daily3

Summary

So... the sp'1874 low is still holding, and I'd expect it to hold into the close.

I realise though, some are seeking further downside to 1860/50 before a key low. I suppose its possible, but we do have a clear break of the down trend (see 60min cycle).

Notable strength: airlines, DAL, UAL, both higher by a very significant 5%
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2.30pm... despite the weakness, price structure is a baby bull flag.

so long as 1874 holds... its a valid bull flag leading higher into tomorrow.


2.37pm... with the move to 1880, micro flag is arguably busted. VIX clawing back upward... now -3%.

The one super bullish aspect today.... R2K +1.2%.


2.46pm... and another push higher....   this kind of volatility is still so.... unusual. VIX -7%