The important weekly cycle has come very close to breaking back below the important 10MA. If you look back at previous cycles on the weekly, you can see that it will often back-test the 10MA before it can surge/explode much higher. So the bears should not lose faith unless we close in the mid 16s.
VIX, weekly
VIX, 60min
Considering the bearish daily indexes, I hold to the first target on the VIX of 24, sometime next week (probably Wednesday).
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Quick update on the 60min
SP'60min
*I'd only get marginally concerned if we get above 1388/90. As I noted earlier this morning, the 'serious money' should have stops on any short positions equivalent to sp'1390/95
More later!