After the early chop in the morning, its turned into a quiet trading day, and that means the algo-bots are back in control again..which makes further melt higher into the close quite likely. A close just shy of the 1570s is viable, with VIX possibly in the 13s.
For the bears, this is turning out to be something of an ugly Monday. This time last week, bears were revelling in some very strong downside.
Overall, it does look like the ABC 'wave 2 bounce' idea is still viable. Unless we get a daily close >1575, I'll be holding to that scenario.
*I sit on the sidelines, and will be on standby for a major short of the indexes - and Oil, which may be as early as Tuesday morning, probably around 11am.