With the Bernanke now speaking, Mr Market is all set for a multi-day rollover.
I can only guess the opening 30minutes swing/bounce, was some sort of algo-bot stop sweep against the bears. Clearly though, the recent high of 1374 has so far not been taken out, so few (if any) big money bears will have got the kick.
The move to sp'1370 is now just 4pts from the recent high. It is going to be a close run thing today. Yet the smaller 15/60min cycles are pretty high now, and it will be difficult for the bulls to break.
The VIX is lower, but just 2/3%.....bears should be seeking a VIX green close.
*I am short, and looking for a first exit around 1340, which may come as early as later tomorrow.