11am update - VIX holding up for the bears

Considering the gains across the indexes this morning, the VIX is holding up very well. This could easily be a clear sign for the bears that this move higher is an intra-day fake.


VIX'60min

sp'60min

Summary

Next soft resistance for the bulls is sp'1335. I would be very surprised if we can close over that.

I remain holding short...until 1300. I'm certainly not bailing at these levels.
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One thing I am keeping in mind though, it is arguably very important for the June month to close at least marginally red. Bears need to see the SP' fall back 20pts or so by Friday. As I noted a few days ago, I'd really like to see Friday close sp'1305 or lower.

sp'monthly

More later!