IWM'60min
Sp'60min, count'1
Dow'60min
Summary
So, what about Thursday and Friday? I've seen in a fair few places people suggest max-pain is sp'1380. Clearly, we're not going up to that level across the next two days. A tough battle to 1350 remains a fair target though, considering it is opex, with what are at least marginally oversold conditions, and we have the Facebook hysteria of course.
Sp'1422 is now a long way up. Almost a 100pt fall across 11 trading days. A typical fib' retacement of 50% of that move would be 50pts..to around 1375/80 - which is exactly where the severe resistance is. Further, the H/S formation chart I've posted a great deal would similarly support a target in the 1370/80.
Were this day'3 or 5 of a down cycle - and I was long (and underwater!), I would be really concerned. However, we are 11 days down - that is just 1 short of the July/August 2011 collapse wave move of 12 days.
We ARE due a significant bounce.
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More across the evening, dealing with the VIX, Daily Index Charts, and the bigger picture - which is always a good thing to keep in mind.