VIX is a touch red, and remains very high on its hourly cycle. It is still arguably a bad time to be short the indexes.
Sp'60min
Summary
Nothing much to add...sp'1445 still seems very viable within the very near term.
Only if the sp' breaks below 1425 would I start to wonder if the top is in, for the current up cycle.
Again, it remains the case that we are just relentlessly putting in higher highs..and higher lows, with the recent low of 1397 now the first target in any bear move lower.
So, if we're 1440/45 prior to the Bernanke, and he disappoints the market somehow, we could easily fall 30/35pts, and it doesn't do ANY damage to the primary up trend.
More after the close.