Today was good, there was plenty of action, not least including after hours with stocks like NFLX.
Dow confirming the bear flag, next support level is around 12700, then 12200. So, any move under around 12650/600, should offer a pretty easy 300pts downside to trade.
Today's opening gap confirmed the bear flag, and next target remains 1340. Whether we break under that, or have to first put in a lower high (in early May)...we'll have to wait and see.
Still awaiting a key break below the multi-month support level of 5050/5000.
VIX, daily, bearish market scenario
A black candle today for the vix - not exactly the best the bears could have got, but it will do, and is a clear break above the recent pullback. The next target is a break above the recent 21 high, and a move to 24. It is doubtful VIX can break/hold over 24 in the near term - baring some huge index falls below sp'1300.
Bearish outlooks are looking very good, we had some nice confirmations today, and the bigger weekly/monthly cycles are also turning bearish. Tuesday may well open somewhat higher/mixed, but I strongly believe we'll eventually break much lower - and quickly, to hit the primary target of 1340. Right now, that would be no later than Wednesday afternoon.