2pm update - bulls have nothing to threaten bears with

It is almost amusing seeing the bulls try to rally this market back. How many were buying the dip all way down across the past six weeks from the 1470s? The VIX is a touch red, a brief spike into the low 20s still seems viable, especially on a wash-out move.


sp'60min

sp'daily5

Summary

It does look like we have a bear flag on the daily, and a move to my primary target of sp'1345 still looks right on track. I suppose we could remain within the flag for the rest of this week - not least since its opex, and break lower next week.

Regardless, I'm short, and trying to be patient.

--
Dear Bulls....you have nothing to threaten me with



back at 3pm.

UPDATE 2.15pm Transports behaving very nicely on the hourly chart

Looks like a very viable 5, 3 (ABC), ..and a 5 formation? Need to see weakness into the close.