12pm update - its just a baby bounce

As also expected, we've likely floored for a few hours, the 15 and 60 minute cycles will reset to some extent. Most important, look for a fail at the 10MA on the 60min cycle. That won't likely happen until near the close, or more likely early Tuesday. Regardless of any intra-day noise, there are likely to be some considerable declines yet to come.

Sp'60min

VIX, daily

*normally I would be a little concerned about a black candle on the VIX, but considering the overall situation, it should be fine. A close over 19 (20 would be much better!) will be important though.


Summary

It is looking very good overall for those holding short positions. So long as the bounce does not break/hold over the 10MA on the 60min charts, everything remains bearish.  Sp'1340 appears a given, as does VIX'24


Other issues today...

SLV broke below $30..next target 26/25
Spanish index - IBEX fell another 200pts...still another 1800 pts (25%) to go - near term!
WTIC Oil - slipping, likely to go sub $100 this week
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More later...stayed tuned!