3pm update - another bounce underway

It sure looks like the market has floored on the hourly charts. There is a viable 3-6 hours higher..and it remains possible the 1576 high will be tested...at which point I expect a severe intra-day reversal. VIX is higher..but starting to cool off a bit. Oil has conclusively broken.


sp'60min

USO, daily2

Summary

Best guess...we will see 1576 challenged...tomorrow..or early Friday.

We'll just have to take it..hour..by hour.

Regardless of the next day or two..it now seems absolutely clear...the up wave from November is concluding.

Bears..can start to look forward to some tradable down cycles.

*I will hold NO positions overnight..and wait to short the next bounce tomorrow..or early Friday.
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UPDATE 3.30pm

Hmm, market looking weak again. No seems to want to buy into the close.

*bloomberg TV fire alarm...or perhaps the alarm when the market might close red ?

back after the close