Market is choppy, it appears there is a bounce underway on the smaller 15/60min cycles. Bears should literally be running for cover right now. VIX had gains of 25%, but this still only took it into the low 15s. Metals breaking new lows...Oil looks like it will rally into the close.
We have a possible floor spike on the index hourly chart.
Bears should surely be out of this market with the cycle this low?
*I will sit on the sidelines overnight, and will seek a major re-short tomorrow. Its been a good day anyway.
Bulls failed a few mins ago...and we've flipped from 1568 to 1561.
Its getting a little wild out there!
UPDATE 3.15pm..breaks into the 16s..and is now a good bearish sign for the days ahead.
Next target is the recent spike high of 19..with the big 20 threshold!
UPDATE 3.33 bulls still failing..and the key 1538 level is now within reach for early tomorrow.
back at the close.