sp'15min
Summary
The smaller 5/15min cycles are offering another spike-floor.
Obviously, we'll see a snap lower, if the key 1691 low is taken out, and if that's the case, we'll likely fall to the 1680/75 zone. I'm guessing 1691 will hold though.
Again, it has to be said...despite the weakness out there, bears still look generally powerless.
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RE: VIX, no doubt some will be calling an Inverse H/S, seen on the hourly chart...
If that was the case, target upside would be about 16/17s, which would probably equate to sp'1660/50s. Further, if we hit those levels,m the weekly charts would rollover...something I still find hard to envision.
3.25pm.. market looks primed for a really stupid spike higher into the close. first target 1697
Watch out bears!
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3.44pm ..sp'1696s...hmm, all the cycles are currently bullish...could be a fierce gap higher tomorrow if Mr Market wants to nail the bears after a 5 day run.