3pm update - can we close marginally red?

From an hourly cycle perspective, we've seen a 50pt ramp in the sp' since the low last Thursday morning. Whether its a truncated fifth wave of big wave'2..or whatever, we are due for at least some weakness into Thursday.

I'm sure not expecting anything dramatic in the immediate 1-2 days, but bears need to see the first sign of a floor in the VIX, and a close under the hourly 10MA - now @ 1367.


sp'60min

vix' daily

Summary

A little sign of a slow rollover on the hourly MACD cycle. Its very minor so far, but it is slipping.

I remain short from 1364, looking for an initial exit 1345/40, although if we get 1355/50 tomorrow morning, I might take that ;)

More after the close.