One concern for the bears is the near mute VIX, which is flat. Maybe the cycle is just out of sync with the indexes, needs a little time to reset...or...the VIX is warning that the index floor is already likely in. I hope its not the latter!
sp'60min
VIX'60min
Summary
We are only day'3 on this down cycle for the SP', I think there is pretty good chance for at least one or two days lower.
Breaking 1430 will open up a test of the 50 day MA, and also the soft Fib' 23% level.
sp'Fib levels
The Fib' chart would be suggestive that if 1425 fails to hold, then a test of the recent cycle low of 1397 will be hit..perhaps even lower.
Regardless, I wanna bail by Friday! With opex next week, another stupid bounce can't be too far away.
back at 3pm