Consumer credit data at 3pm...and we have Alcoa earnings at the close. I wonder how the cheer leaders on the clown networks will try to spin any lousy earnings this week.
Sp' daily5
VIX, daily
*a simple chart, but its clear that VIX is yet to break the down trend. Only a move over 19.50 can the bears start to get a little excited.
Summary
From a MACD cycle perspective, we are now day'3 down across most indexes, with negative cycle still 2-3 days away. Assuming the trend continues, that would suggest 1330 will not hold, and that should mean a fair chance of 1310 - which was the floor in the last down cycle.
Bears just need to see <1305, and that should clarify the bigger picture, in which case 1225/00 is coming.
First things first though....lets see if we can at least get a moderately red close!