10am update - spike..and a fail ?

Good morning. Market is possibly putting in a classic brief opening spike higher - a touch above resistance, and then a major reversal. The next few hours will be critical. Bears should be seeking a close in the sp'1540s, which is a clear 1% lower.


sp'60min

sp'daily5

VIX'60min

Summary

Well, lets see if the spike was indeed a tease to the bull maniacs.

As for the VIX, it looks floored, and has a great deal of upside potencial across the next few days. A long day ahead.

stay tuned !
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10.01am...spike fail...confirmed. A close in the 1540s now very probable.

10.15am  for the big/serious money, this is a really simple situation. Short, with a stop at the top of that spike @ 1566/67.

We'll know within an hour or two if the bears are going to see a wave'3 down..which 'in theory' would target 1505 within days.