Lets look at how those hourly cycles closed...
IWM'60min
Dow
Sp
Summary
*first, ignore the counts on those hourly charts, I don't much like them!
A messy Tuesday overall I'm sure a lot of bulls would have bailed earlier during that lunch time weakness. Doubtless, they'll be even more annoyed now to see the closing hour mini-ramp!
From the hourly perspective, it sure looks like a big bear flag right now. We'll only know if it is, if we break back below 1300, and then 1291 by the end of this week. We certainly have the possibility, if the latest jobs data sucks this Friday.
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More later...looking at the VIX and those Daily Cycles - the latter of which are still suggesting further index gains to come.