One thing - despite being Long, I will admit, there is NO sign of any capitulation day yet. It could mean we are still to have another 3-5 days lower. That would make for one hell of a lengthy down cycle - the longest ever maybe?
If the VIX fails to go any higher today, the dollar can stop rising, and the indexes can at least close flat, then there will be some initial hope that the move from 1415 has concluded at 1315 - a full 100 points lower for the sp' in just 12 trading days.
VIX'60min
VIX, daily, bullish outlook
Transports, daily
UUP (long Dollar), daily, Rainbow
Summary
I'm also watching the Dollar/Euro, there are minor signs of a turn on the daily cycles. The metals also appear to be putting in a floor with a confirmed break higher. So, there ARE some signs of a turn, but how we close today will be even more important than whats going on right now.
More later!