Good morning. Futures were surprisingly muted overnight, and the bulls failed to even get a little ramp at the open. The opening declines are important, we've a good break under sp'1440.
Next target is soft support at 1435 - unlikely to hold for more than a few hours, and then the trend/channel of 1420 by the Friday close.
A good start for the bears. It'd seem likely we'll get an intra-day bounce, but a red close still seems very likely. The daily cycle offers at least 1 or 2 days further lower.
Thursday will be an important day. Perhaps we can see the VIX briefly spike higher to 17/18.
*I remain short, seeking an exit around 1420 by late Friday.
**As the market becomes more volatilie again, updates will become more frequent.