3pm update - seeking a red close

With the earlier flirtation on the edge of a major breakout, the indexes are again starting a new down cycle. The VIX remains marginally red, but that could certainly closea few percent higher.


sp'60min H/S

VIX'60min

Summary

So, after the sp'1454 trendline hit, we seem to have indeed seen a failed attempt to breakout.

An important closing hour for the bears.

A red close on the majority of indexes will be important. Something around sp'1441/43 would suffice, it would at least help setup tomorrow for yet another try at breaking into the 1430s.

*the lower channel is suggesting sp'1400 - as early as Friday, yet just seems too bold a move, we've not seen that kind of move in a long while. A more reasonable target remains 1420.

**ohh, and the action in HPQ, hillarious. More on that later..on my fair value page.

More after the close.