Market was a little spooked earlier by record highs for Spanish bond yields. The key sp'1306 low from last week is holding though..and the MACD cycle is highly suggestive that B' wave might indeed be complete. However, confidence for that is only mid-level though, and if bond yields start jumping later today, then any gains could easily evaporate.
Things will be much simpler to trade if we can get to higher levels, 1350+.
VIX is not seeing a big enough spike the bears need to confirm new index lows. This is NOT a good level to remain holding short positions.
The day-traders must be having fun though with the last few days, we've seen some good intra-day moves, and July looks like the month where VIX will break into the high 30s/40s again.
I am still waiting for 1350/60, surprisingly, very patiently.