Bears should seek a close below the hourly 10MA, currently 1361..and rising. That still seems well within range by the close of today. A close under the broad up trend 1357/55 seems a little out of range.
sp'60min
sp'daily5
VIX, daily
VIX remains in a broad -but slowing, down trend, bears will need a few closes over 18...preferably 20..just to begin a new up cycle.
Summary
As noted on the daily chart, first target for any decline would be to break the 1310/05 level - where we got stuck June 25'th. That is a good 60pts lower, 4%, so even the very first target is quite a way lower.
Conversely, we're now just 3.5% from the April highs of 1422.
Anyone want to go long here, and stay long into August?
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*update..it would seem that the legendary Maxine Waters has overloaded the live feed of Bernanke. That is probably bullish, right?