12pm update - seeking big afternoon drop

The market has seen a very natural bounce from the early low of 1539. Underlying momentum is still strongly to the downside - now that sp'1573 is clearly the cycle high (at least for a few months). A break of 1538..should lead to a fast snap drop to the 50 day MA @ 1530.


sp'60min

sp'daily5b

Summary

Bears need to remain patient..and stay focused on the bigger trends.

Lets keep in mind...

We've now seen the Nasdaq Comp, and the NYSE Comp' also break their rising support from November. Thats 4 of 6 main indexes, and you could call it 5, if you count the borderline sp'500.

Weekly charts ARE rolling over.
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*I intend to hold short until 3.30pm, or sp'1530/25...whichever comes first.
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VIX update

Daily VIX charts are sporting what would normally be a warning of 'bear failure', but I don't think its an issue today.

If sp'1530/25 late today, then VIX is going to be in the 17s.