Another lousy afternoon for those on the bullish side, absolutely zero sign of a turn. With a number of monthly sell signals triggering today, and the VIX still rising, its looking pretty bad. The weekly chart is clear, a move to 1280 is easily possible within the next 1-3 days. The monthly chart now suggest a move to 1150 as early as mid June.
SP'60min, chart'1
VIX'60min
Summary
I scrubbed the 60min chart count, its a mess. The trend IS down, ALL cycles are bearish, even a move to mid 1330s tomorrow would not change anything, and despite it being 'Facebook Friday, even a 1% up move up seems a stretch.
Urghhh
