Wednesday, 23 May 2012

2pm update - minor intra-day bounce

A natural bounce is underway, but its just noise. Whether it last into the close probably doesn't even matter. This sick and nasty market is surely headed lower. The failure yesterday afternoon in the mid 1320s was a key sign.

The only thing the bears are still waiting for is a new high in the VIX...probably tomorrow, 27/29




A quick reminder on the sp'weekly...

The weekly candle is turning into a real train-wreck for the bulls. Its a real warning of much lower prices. Arguably..a break under the blue support line of 1270...and this market one-day crashes to 1160.


More later...