The decline from sp'1592 to this mornings 1577 might count as the first little wave lower. Perhaps we're due for a small bear flag into the Friday close, before major downside on Monday? VIX has lost the 14s, Oil and precious metals recover from earlier declines.
sp'60min
Summary
A few hours rally, forming a small bear flag - much like April '12.
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Clearly, we're not going to close particularly down much, even <1580 looks difficult now.
Regardless, I'm reasonably confident for next week, baring a move >1592.
