2pm update - holding onto moderate declines

Lets be clear, the index declines only rank as moderate, most indexes are down by 0.75-1%. The VIX is similarly only 6% or so higher. Yet its the first drop of any significance in over two weeks.


sp'60min

sp'daily5

Summary

It really is a case of 'can we actually close red, with declines of this..or better?'.

With 2 hours to go, there is plenty of time for the bears to build on current losses, or for the bull maniacs to achieve another last hour recovery.

Considering it was a bear flag we broke though - as seen clearly on the daily chart, I'm guessing we've a good chance at breaking 1430 within the next few days, and that opens a move as low as the key cycle low of 1397.

I remain short, and looking to exit Thursday/Friday.

back at 3pm