I'm still waiting for some kind of bounce, so far we're just not seeing it. Yet the VIX is still not adequately confirming todays drop in the indexes.
sp'15min
vix'15min
Summary
You can see the MACD (blue bar histogram) cycle on the Sp' has reset back to almost evens, so we're arguably already halfway in the cycle - with prices merely trading sideways.
So...I sit here waiting...target remains sp'1295/1300, although right now, 1300 seems out of range by 3pm.
*all the bigger monthly cycles today confirming my overall target of sp'1100. If you read my posting last night on the VEU, you'll know that is warning that 1100..will not hold as a floor.
More later