Any gains on Tuesday are arguably to be seen as a bonus opportunity for the bulls to exit, and for the bears to re-short from higher levels.
IWM
Dow
Sp
Transports
Summary
Its looking pretty good for the bears now. We have seen the sp'1380 peak start to slip into the distance, and today's initial low of sp'1337 was a great start. The recovery bounce of 13pts was very normal, and its still viable we'll see a further brief spike higher of 5, 7, or even 10pts sometime Tuesday.
On any basis, considering the weekly and monthly cycles, any bounces are arguably to be seen as a bonus shorting opportunities.
Next target level: 1325. If that can be taken out by early Thursday, there is a very viable chance we can close the week around 1310/00.
Once 1300 is broken...that should open a rather exciting move to break the early June low of 1266.
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A little more later...