12pm update - market struggling

An attempt to break a new low in the past few minutes, but so far..the sp'1407 low is holding. There remains - just like yesterday showed, a strong potential for a latter day bounce, target would be 1417/22

VIX is warning of major index downside later this week, a daily close >20 now seems likely this week.


sp'15min rainbow

sp'daily5

Summary

Pretty damn good day for the bears, especially in option land where most puts are +50/75%

The 1397 cycle low remains a key objective, a break of that opens up a test of the 200 day MA @ 1373

I am seeking a re-short on any latter day bounce.

*back at 1pm