11am update - waiting to short a bounce

With multiple supports having failed, the market is without question..broken, at least in the immediate term. A small bounce to around sp'1625/30 looks viable, and that should make for a very reasonable short entry. Downside target is sp'1480s..but that target is rising...each day.


sp'60min

vix'60min

Summary

Well, this time yesterday we were comfortably in the 1650s..and the 10yr yield was 2.20s.

Things have indeed changed.

Support has gone.
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*I remain on standby to launch a major short..later today...although perhaps it might take until tomorrow. I'm in no hurry.

11.17am..market still trying to floor, @ 1600.  VIX 19.30.

Clearly, any break <1598..and VIX breaks 20.


11.32am...it would appear we've likely floored @ 1599.... bounce target remains 1625/30


11.40am..wave'2 up wave....underway

Bears should be bailing...and day-trader bulls can move in now..with stop @1599.

Personally, I'll just wait for the bounce to play out. 1620s look VERY viable later today.