So long as we don't break above the opening spike of sp'1566, bears can be reasonably comfortable that a wave'2 top is in. The rest of today will be very important, and a late day sell off would likely be enough to confirm the price action for the rest of this week.
sp'60min
vix'60min
Summary
The opening minor gains would no doubt have really shaken a few of the weaker bears out of their positions. One issue is, how many bulls were chasing the open higher?
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*precious metals are holding good gains, but they'll surely get stuck below key resistance, and again break new lows.
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VIX update...from Mr T.
more later...
12.20pm..the question you have to ask yourself...
who wants to go long at sp'1565/66 ?
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12.31...well, there goes the earlier spike high of 1566....a lot of short-stops gonna get hit now...urghhh.
*special note, both Trans and R2K both still well below their opening levels. Right now, thats all the bears got left to claim.