11am update - first target remains 1397

The Dow has lost 13k, the Nasdaq Comp is well below 3k, and the sp' is battling to hold 1400. It seems a hit of 1397 is now viable today. Whether we hold that level today for the sp' seems largely unimportant. The bear flag on the daily indexes has been confirmed, we're headed down.


sp'daily

vix'daily

Summary

VIX remains subdued, which is very unusual with index declines of this magnitude.

As I've been noting for days, the weekly charts suggest a sp' target of 1345. That is viable within the next few days.


sp'weekly2, rainbow

*lower bollinger band @1343, a very natural target for this down cycle.

back at 12pm
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UPDATE 11.01am

second warning...confirmed.
all thats left is the 200 day @ 1380

If that fails..then 1345...within hours.

UPDATE 11.40am closed spy puts @1391, seeking a re-short 1400/05, later in day