It looks like we have a little baby bear flag forming on the hourly index charts. Now, this could play out a few ways. Either we break below the flag into the close, or we just trundle sideways within the flag, or we see a closing mini ramp to around 1357/59.
Considering the recent hyper-ramp since last Thursday afternoon, the bears should be satisfied if we can close at these levels.
sp'60min
First soft resistance will be the 10MA at 1361.
Summary
Nothing much to add, aside from the issue that the VIX is still not confirming the index declines.
More later!