The 15min cycle would suggest we're going to see some weakness in the remaining two trading hours of today. The 60min cycle is similarly showing signs of being stuck - although its not very high on its cycle. Any day-traders who went long this morning should be looking to get stopped out real soon. The VIX back over 24 is also a moderate warning sign.
sp'15min
sp'60min
vix'60min
Summary
Two hours to go, it might get moderately interesting, but I see no chance of bears breaking this market below the below bull flag of 1305/00.
Primary target remains 1350/60 by the middle of next week..and then a rather nice 200pt fall across the subsequent 3-5 weeks.
