Despite the little bounce in the closing hour, today was a good victory for the bears. All talk of 1395/1400 is almost completely fizzled away now. Despite the last hour bounce, that does not negate the overall action which was very much to the bearish side.
A weak closing for the VIX. It can be a very quirky indicator at times, and right now, it is not supporting the bearish outlook. Bears must see VIX break upward and out of what is a bull flag.
More later in the evening, dealing with those bearish daily cycles.