11am update - double spike top

Mr Market has had a strong bounce from the Friday opening low of 1539. We are seeing some very strong resistance now, and the market looks vulnerable. VIX looks primed to surge across the next few days. Mini H/S 'theory' would suggest sp'1505..within days, with a VIX of 17/19.


sp'60min

vix'60min

Summary

It remains a key day in market land. Certainly, its the most important one since the 1573 top.

Bears need a close in the 1540s to really offer clarity that this two day bounce was indeed...just that..a wave'2 bounce.

If the standard theory is correct, extrapolating lower..we get sp'1505, and that probably equates to a VIX in the high teens.

VIX 20 will always be a tough threshold to hit.

For the doomer bears out there, a weekly VIX close of 21 is the ultimate target.
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11.20am...we're seeing some good confirmation here...no one is buying above the opening spike.

Will be interesting to see where we close. I'd personally like somewher in the 1540s, that seems viable.