First target is a break of the 1310 H/S neckline. A break of that today now looks very likely, with the MACD cycle still due to go negative cycle in the next 30-90mins.
sp'60min HS formation
vix'60min
Summary
Yesterdays little move looks like a cruel tease to the bulls. There could be a lot of burnt traders in the next few days.
VIX is confirming the move lower, a close in the 22s would be a real bonus, and would suggest 24 very viable by Friday.
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I will hold short at least until 1300/1290..which remains viable as early as late this afternoon.
More later....