With the VIX closing flat, todays index moves are not entirely bearish for Thursday.
IWM
Dow
SP'daily5
Transports
Summary
So, its something of a mixed bag. I suppose the transports and IWM are maybe just doing their usual random/volatile nonsense, but its not exactly the sort of thing I wish to see on what should have been a stronger down move.
*most notable to note though, the Dow, SP, are breaking below their June trend/support channels. The transprots is already well below it of course. The R2K is still 2/3% away.
Thursday outlook
Bears should look for an overnight break below the important sp' 1430 level, that will offer a test of the 1425 level - which is important in many respects.
A gap straight under 1425 would make things a lot easier for those bears seeking an exit in the next day or two.
Lets keep in mind that we're only 41pts from the QE spike high, thats not even 3% ! A move down to sp'1400 would be a very natural level to hit by the Friday close.
A little more later.