The SP, NYSE, Nasdaq, and Dow are all below the lower channel. Only the transports and the hyper-ramp Rus'2000 small cap index are yet to break below their channel
Baring some truly bizarre intra-day ramp, with a green close, this market is going to break the recent 1310 resistance, then 1300..and quickly break 1266.
sp'daily5
VIX daily
Summary
VIX is still only showing a moderate gain, but the SP' has broken 1330..and is now arguably a giant red warning flag to traders.
We will doubtless get little micro-bounces along the way, but in the bigger picture..it does look like 'its all over bulls'.
--
I am now looking to re-short via the 15min cycle later in the day.