The market has seen a little further weakness across the lunch hour, but we're still comfortably over the critical 1538 low. The VIX is similarly holding a touch under the recent highs. Near term trend looks like a floor is in, with general moderate upside into Friday opex.
sp'60min
vix'60min
Summary
We're seeing a lot of chop in the mid 1540s...which was the target zone of this fifth wave lower.
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Baring a VIX break into the 18s, it looks like the overall outlook is correct.
*I remain LONG Oil, via USO.. will hold into Thursday
