1pm update - rolling over

Bulls had the whole morning to drive through sp'1330..so far they have failed. The MACD cycle would suggest they've had their 'best chance', and the bears now have a chance at pushing this market lower. First target would be a close under the hourly 10MA of 1310.


Sp'60min

VIX'60min

Summary

This could still go either way, but as noted earlier, the longer the bulls take..their chances weaken. Bears will want to see VIX close in the mid 23s today. Again a close over the 10MA will be an important signal to look for.

So, best bearish case for today's close is sp'1307/09, and VIX 23.50/75.

Bullish case...sp'1328/32, VIX 21.50/00.

Considering the cycles for both...I'm inclined to believe the former is more likely.