Bears are having problems just breaking this market into the sp'1570s. Precious metals are seeing extreme declines, with Oil similarly weak - but not severe. Until we're trading <sp'1538, bears have no reason to be confident. VIX is higher, but is already cooling off.
Interesting open, but it barely ranks as 'moderate' declines.
I suppose we could trade down to the 1560s today, but that does seem unlikely.
*I exited USO at the open. I will consider a re-short later today, but that will be dependent on price action.
UPDATE 10.34am.. I don't trust this morning equity declines at all.
Both the 15/60min cycles are low, a bounce is possible at any time.
VIX is +9%, but 9% of a small number..is still a low VIX.