11am update - breaking down

To close well, bears just need a close under 1370, which would be a clear break under the lower channel by the close of today. As noted earlier, the Rus'2000 index is already below that, and is actually also close to breaking the daily up cycle.


sp'60min

sp'daily5

IWM, 60min

IWM was warning of trouble yesterday afternoon. Its clearly pretty low on its cycle right now, so..an intra-day bounce still very possible. Without question though, we do have a clear break on the R2K !


Summary

Its looking pretty good so far this morning. We've already seen one attempt at a bounce, which failed..and we're now close to breaking new lows for the morning.

Bears really need to see some good moves higher in the VIX. 5, 7%, just won't be enough to really be confident.

*I've been watching the Call chain for VIX options this morning, some pretty big blocks going through, which has been the case for the past 8 trading days actually.