Mr Market is picking up a little momentum. The hourly index charts are seeing some bullish signs..and thats all being confirmed with a VIX that is down another 10% - after yesterdays big decline. Metals remain weak.
Clearly, near term trend remains upward..and there is no point in shorting this..yet.
Bulls should arguably be tightening stops..in case of a reversal, which could easily come at any time.
*I've a soft target for the VIX of 15/14.50 within the next few hours.
If we can level out on the MACD cycle by 3pm..I will seriously consider a re-short - for a fifth index wave lower across Thurs/Friday
back at 12pm