Whilst the market is seeing a micro-cycle higher, lets take a quick look on the daily index/VIX cycles.
sp, daily5, 4mth
vix, daily, rainbow
The daily index cycle is due to turn negative MACD cycle tomorrow. The VIX might go positive cycle by late Wednesday if we can break into the low sp'1290s.
Wednesday should be a pretty bearish day, especially if can break 1300...it does open up a much bigger move lower..and a first attempt on the recent wave'1 low of 1266 by Friday.
I remain short (from sp'1319 this morning)..looking to hold overnight into Wednesday, first exit target 1300/1290.