11am update - daily cycles turning negative

The bears have to admit today is going better than they could have hoped for. The early pre-market chop nonsense...has turned to some good 1% falls across all indexes. The VIX is finally showing some sign of trouble ahead.. +6%...although still only a minor move.

Best of all right now, the daily cycles on both the SP'500 and the Rus'2000 index are now negative cycle (see MACD, blue bar histogram indicator). On balance, we should cycle lower for at least 3-5 trading days, so...perhaps all of next week.

So, lets focus on those daily cycles, ignore the intra-day noise!

SP, daily

IWM, daily

VIX, daily, bearish market scenario

Bears do need to see VIX see a +10/15% up day 'soon'. 5% just won't cut it, and would suggest underlying strength still in the market.

However, as noted, those daily cycles are looking VERY good for the bears. Downside targets are clear, stop levels are clear...there are no excuses.

More later.