2pm update - a little toppy

A standard little short squeeze, all of the weaker bears will have been stopped out by now. The bulls haven't even pushed into the 1440s yet, and I'm guessing only 1450s would mark a clear end to the current 6 day down cycle.

VIX remains moderately lower, showing a few signs it may have floored.


sp'60min

VIX'60min

Summary

So far today the bulls have had a reasonably little move higher, but its looking like we're in a levelling phase. The only issue is how far does the next micro-down cycle go?

Bears clearly need to take out the earlier low of 1427, which seems rather unlikely today.

With two hours to go, lets see if we again see some 'selling into strength'. Considering we are less than 3% from the QE spike highs, I'm guessing we do.

I remain short, seeking an exit...1410/00.

Back at 3pm