Note Added 1:52 PM: The SPX LOD is 2056.44. As highlighted on the weekend, price needs to back test the 20-day MA at 2056.53. It just did. It has shown this important moving average respect but the jury remains out. If VIX remains above 14 heading higher the SPX will fail through the 20-day MA. This 2056-2058 has developed into a battleground level. VIX is at 14.30. If the VIX moves above 14.43 the stock market selling will accelerate and equities will take a strong leg lower and Keybot the Quant algorithm will likely flip short. TRIN is 1.81 favoring bears and the sell side today.
Note Added 2:55 PM: The VIX collapses from above 14.43 down to 13.83 so the fix is in. The SPX recovers to 2063. Nothing to see here move along, move along. The bears slipped on a banana peel, fell down the basement steps and are now laying next to the mason jars, furnace filters and a jar of nuts and bolts. Bears got nothing unless they can push VIX above 14.43. VIX is at 13.79. Bulls are sitting on easy street if the VIX drops under 13.77 (200-day MA).
Note Added 3:05 PM: The MACD line continues lower for the 30-minute chart above so a couple more candlesticks are likely needed before a bottom is placed so stocks may remain weak through the bell into tomorrow. The VIX 13.77 is the key tool that tells you the market answer right now. VIX is at 13.93 liking the bear camp.