Market closed relatively weak, certainly not at the low of the day, but overall...today does indeed completely reverse all of yesterdays nonsense. The VIX gain of over 12% confirms this move lower, and so the bears can feel reasonably confident into the weekend, and perhaps beyond.
Its looking good for the bears tomorrow and also Friday. We have GDP data and the monthly jobs data tomorrow and Friday respectively - both could easily knock the market down a further 3% - getting us to the sp'1280 level.
The daily cycle is especially warning of major downside, with target levels under <sp'1280. - more on that later.