The overnight futures weakness has held..and the open is indeed doing a full re-test of yesterdays low..which is so far holding..and we're seeing a bounce off it. The VIX put in a black doom candle earlier- a good sign of a fail (see Mondays opening too!) but the VIX is now challenging the 21 level. A break over 21 opens the door to 24. Whether we can go green by the close, very hard to say. Right now, I guess 1370/75 won't be possible until later tomorrow after the Bernanke has spoken.
Sp'60min chart'2
VIX'60min
A long..and interesting day ahead.
So far the 1347 line is holding..just. From a MACD cycle (blue bar histogram) perspective we are very low..and we should still cycle back upward.
*a reminder that the Bernanke speaks tomorrow...and we know the media might decide to attempt a hyper-ramp of this market with any hint of 'further monetary easing'.
