2pm update - the battle continues

We're seeing another intra-day bounce, and the market is trying to break back into the 1430s. Considering the wider concerns, a close in the 1430s would still seem very difficult for the bulls.

A brief reflection on the weekly charts, which are still warning of trouble.


sp'weekly

VIX'weekly

Summary

As has been the case all week, bears need to take out the recent sp'1413 low, with VIX >20.

Right now, that seems unlikely by the end of today, but there IS weakness out there, and there is of course considerable possibility of a Monday gap lower.
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I like the Keltner...and yes.. the target is still sp'1225.

 The last warning the bulls get will be if the November 1343 low is taken out

UPDATE 2.30

 Still battling it out in the 1420s....seeking a closing hour move <1420.