It looks like we maxed out this morning @ sp'1566. Downside target for a sub'5 is somewhere in the 1540s. Those shorting this morning need to be cautious once we break into the 1540s. Daily index cycles are pressing lower, with the VIX wanting to break back into those 16s.
There is a lot of weakness out there, and the Trans/R2K are both leading the way back down.
I am holding short, seeking an exit in the 1540s later today.
*the plan is to then sit back... and wait (I won't be trading it) for a very likely bounce into Friday opex, where we might go as high as the low 1570s.
That in itself would make for a superb re-short late Friday/early Monday.
11.17am.hmm, now market bouncing again. Maybe its just an ABC up..with yours truly shorting the A' wave. Not so great. Oh well, just have to wait.
11.30...is that it?
We done yet?
11.42am...the battle rages @ 1566/65....