Closing Brief

The market did indeed finally see a bounce, and the close was moderately positive for the bulls. Tuesday could certainly open a touch lower, but I'm looking for a gap higher, maybe as high as +1% into the sp'1290s. Given a few hours, a re-short around that level should be good for a Wed/Thursday exit in the low 1260s/50s.

VIX closing red confirms the short term outlook, a VIX in the lows 24s early Tuesday would match up nicely with sp'1290s.


Lets look at those hourly cycles...


IWM

Dow

SP

Summary

The bounce is probably almost half way done already, but we're dealing with such tiny cycles, its really very tricky to guess. Last Friday I was looking for a bounce to 1295/1300, I've lowered that to around 1285/95.

More later, looking at Volatility, and those daily index cycles