The main indexes failed to rally in the late afternoon, with the sp' closing in the low 1550s. First target for the bears is the 1538 level. If that is taken out, a swift move to the 1485/70s seems viable within days. VIX soared around 38%, but this is still a historically low VIX.
A very weak closing hour, after what seemed like a possible rally around 2.45pm.
I am content to sit on the sidelines, and see how we trade early Tuesday.
What is clear, a 'safe' chase it lower level is <1538..with a good 60pts of 'free money' for the bears. Its something to consider in the days ahead.