11am update - rejection at the declining line

Minor chop so far today, although there is a little weakness starting to appear. VIX is back to slightly green, but its still minor noise, +1%.  Dollar is now climbing, and this is putting renewed downward pressure on the metals.


sp'60min

vix'60min

Summary

I'm admittidly very concerned about re-shorting this..even though we've not yet seen a break above key resistance.

Any move >1525..and then 1530, opens up a good 2-3% higher, which would really nail anyone shorting at these levels.

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At is is..I'm still sitting back, but I'm getting real annoyed already!

UPDATE 11.07am..  this is the problem...

15min cycle looks floored..and is now trying to burst higher...>1520,, and make a challenge the recent high of 1525
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The problem for the bears is 'what excuse' will we decline on today? Monday had the Italian elections/EU index sell off...today..there doesn't seem to be anything.

I'm sitting back, with no immediate plan to re-short,..annoyed..as I often am..with this nasty market.