SP'60min
A reasonably recovery for the bulls, the hourly cycle looks primed for further upside on Friday.
IWM'60min
IWM still closed red, but well off the lows. Cycle should go positive early Friday morning. There is the potential for ALL of Friday to be upward in trend. A Friday close of IWM anywhere over 84 would be a real failure for the bears.
VIX 60min - more fail
Kinda strange action in the VIX. Looks almost identical to yesterday. It reminds me of a cycle from some time ago, but I can't recall when, or what happened next. Regardless, Friday looks set to be a weak open for the VIX..with indexes moving higher.
Friday targets
SP, 1410/15 would be enough for the bull camp to declare another successful week. Anything under 1400 would be a problem. I will note there IS the real threat to the bears that Friday will actually turn into a massacre.
We have a few pieces of econ-data, if they come in okay, and the euro-indexes can move upward, a few good words from the Bernanke, then is a new SP' high possible? The immediate upside target would be around 1422/25.
For IWM, which I remain Long (via calls), anything in the high 83s would suffice, mid 84s would be a real victory, and open up a challenge of the key 86 (equivalent to sp'1440) next week..before the Easter Bunny arrives.
More later...