Bears really need a close under the daily 10MA, currently 1350. A close of 1345 or lower, would be very useful.
sp' daily5
sp'60min
Most indexes remain in what are pretty clear bear flags. The spike over the flag this morning was indeed a nasty fake out.
Summary
Bears should also seek a VIX green close to confirm any closing index declines. With 3 hours to go..this one is too hard to call.
As it is, I remain short, looking for an exit around 1330/35, and would then reassess any intra-day bounce.
Recommended viewing...from Bloomberg, ECRI chat, with Tom Keene.
*and I would agree..we are probably already now in a recession...as is of course Japan, UK, and the broader EU.