**Update 3:05 PM CDT:
A new Tornado Watch has been issued Southward, including the Austin Metro area along the I-35 corridor, valid until 10 PM CDT:
Please see the original post below for the remainder of the discussion:
The above Tornado Watch continues in effect until 6pm CDT for northcentral and northeast portions of Texas. A very intense thunderstorm is currently located between Granbury and Glen Rose, moving East/Northeast at 30 mph. This is a very dangerous storm with a tornado likely occurring or imminent:
Additional development is possible further Southwest along the dryline into portions of central and southcentral Texas:
This would initially be to the West of I-35, but could impact the I-35 corridor in the Austin area later this evening (assuming activity developes to the West). This region is being monitored for an additional weather watch by the SPC.