From a trading perspective, Mr Market is trading in no mans land... too low to short.. but too risky to go long, with threat of much lower levels at next Tuesday's open. Considering it is opex, and with a 3 day weekend ahead, it is surely a case of sitting it out.. and keeping things simple.
The 60min equity chart is the 'best bounce' scenario.. which were one to occur, would now drag out into FOMC week.
However, it should be clear.. with the market remaining broadly weak, there is LOW confidence in such an outlook... not least as the bigger weekly/monthly cycles are both suggestive of the 1700s in the near term.
.. and yes, I'd accept that is a sit on the fence viewpoint.
VIX update from Mr S... aka.. the Godfather
time for lunch :)
12.06pm.. new low sp'1871.... VIX 28s
12.30pm...new low sp'1862... VIX 29s... the cheerleaders on clown finance TV are still refusing to talk 'sp'1700s'.