2pm update - hourly index cycle..trying to floor

Its increasingly looking like the hourly index cycles are in a slow process of flooring. There is only moderate confidence in this outlook though, so I'm still sitting it out until primary 1350/60 re-short target is hit.

Regardless, anyone who was chasing this market lower at the open, should have exited this past hour. It is still possible we'll drop lower to 1300/1290 before a final move higher...but this really is a messy Monday. Best left..alone!


sp'60min

vix'60min

Summary

The VIX is trying to claw a little higher, but it looks WEAK, and from a MACD cycle perspective, its always cycled a long way up. This is NOT good for the bears, not good at all.

With still two hours to go, I'm not expecting much change from current levels though.
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update 2.06pm
Well, VIX just made a new high,..and sp'1318....either that is another shakeout move, or we'll be at 1300 sometime tue/wed. Either way, too unreliable right now to trade.