As noted earlier, a key issue would be if we put in a lower low..and we have now done that across all indexes. Yet, on the MACD cycle we are putting in triple divergence..and it is still suggestive that an up cycle is due.
Clearly, the next key level on the sp' is 1340 (see daily charts)
Sp'60min
Dow'60min
The dow is in a very tight down channel. Only a break above 12850..preferably 12900 would confirm at least a short term up cycle is underway. 12900 would also be above the important hourly 10MA.
VIX'60min
Summary
We appear to be putting in a floor, the VIX looks like its maxed out again. So, the question is..can be close relatively flat..or even green? From a pure cycle perspective....I'd still say..yes.
Time for an early lunch.