The opening move higher looks like its more than mere noise. A move over last weeks peak of 1374 now seems very viable. So it would seem, all the bears got was a 30pt move lower.
Upside targets 1375/90, within 3-7 trading days.
VIX, daily, rainbow
The bigger picture still seems clear, but once again, it looks like those seeking some dynamic down side action are going to have to wait
Most annoying though, this could mean no major down moves for a few weeks. This latest bounce could easily last 5-7 days, then flat top for a week, before a move lower.
The only marginally bearish aspect right now, the VIX is holding up relatively well.
Regardless, with no econ-data due, it really isn't looking any good now for the immediate term.