I am so glad to see today come to a close. That little 2pm bounce sure had me a little concerned, but it failed at the 10MA..perfectly.
I believe that bounce was probably a micro-wave 2'UP. If that is correct, the next wave is '3...and should be at least 15pts lower on Sp...however, if Europe is spooked tomorrow (bond auctions, imploding Spanish stock market), then maybe we're looking at -25/30pts ? Its an exciting thought.
The one concern for the bears would be the VIX, which closed flat. Not sure what to make of the VIX, although sometimes it does lag for no apparent reason.
Much more later this evening (as usual), I'll be looking over the daily cycles, and probably a few other things too!
Good wishes for what could be an exciting Thursday.
ps. Hello to all at PUG (whoever all you people are!).