1pm update - bears need to remain patient

The market is still trying to rally. Key resistance is the old floor of sp'1552, considering all the key breaks we've seen, it'd be very surprising if we break over that. I'm still seeking significant weakness into the close, and a break of 1538. VIX is higher, but so far by only 5-6%


sp'15min

sp'60min

Summary

The 15min cycle offers a simple ABC bounce wave...it should fail by 2pm.

A fail should offer 1538 before the close..and I can't see that holding on the next down wave.
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Regardless, I do look to exit near the close, which for those crazy option players, is always a good idea.
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