10am update - bears ready to rampage

A good start to the day for those short, yet the bears do have some significant walls to break through. sp'1310 is the neckline of the H/S formation. I want to see 1305 to be sure of a break..which would suggest that minute wave'3 of minor wave'3 is underway.

Most important of all, we MUST close at least moderately red today. My broader outlook requires the SP' to close June <1305. If we somehow magically close green today, I'd be VERY concerned.


sp'60min H/S formation

VIX'60min

sp, daily, 4mth

Summary

A very long..and critical 2 trading days for those bears looking for much lower levels in July. Bears should be seeking a close under the hourly 10MA. A close under 1310 would be a bonus today.

Look to the VIX today, I want to see a close in the 21s at least. That will open up 22/24 by the Friday close.

I remain short, my first target exit is 1300/1290..by the Friday close.

More across the day !