VXO Under Fire

We are showing an intraday chart taken at 13:10pm EST of the VXO which is holding onto the 26.5 critical level. To the extent that we see a rebound, that would indicate another important high in the equity indexes. However, if it finally fails to hold onto this level later on today (especially by the market close) that would signal the markets could break above and what seemed to be a topping formation would be a consolidation formation within the rally. As simple as that.
Our "gut feeling" is that this level will hold today.