11am update - waiting for a bounce

Underlying weakness comes back again, initial target of 1365 hit, but VIX remains barely higher, just +2% in the low 17s


sp'60min

Summary

We're certainly seeing some renewed weakness, but its looking tired already..and a bounce back to evens seems very viable.

*I exited shorts at 1367 just earlier..we could easily bounce back into the mid 1370s later today.
I'm not yet sure if I want to re-short later in the day.
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UPDATE 11.13am - sp15min - you can see a very likely bounce already starting

With the MACD cycle so low, it'll likely take until late in the day to reset.

My best guess..a bounce to 1377/80 by 3pm..and then ..closing hour rollover to close slightly red.