sp'60min
VIX, rainbow
No sign of a turn/blue candle on the VIX rainbow chart yet.
Summary
The hourly cycle easily permits a decline down to around 1345 by the close. That would be a little problematic to the bulls who want to break >1374, and they sure won't want a close in the 1330s!
With the Bernanke due to speak tomorrow, its not exactly a low risk trade for either side right now.
As I like to say..the good bear is a patient bear.