With the FOMC press release out of the way, things are a little easier for the bears. The daily index charts are rolling over, lead by the Trans & R2K. There is serious weakness in the metals/oil market, and if the VIX can get a close >14.50...it bodes well for Thur/Friday.
So far.. VIX just isn't showing any power. For me, 14.50 would be enough to clarify things.
Last Fridays low of sp'1577 is now the next soft target, with the 1560s making it rather decisive.
I realise, many out there think we'll merely see another bounce from the 1570s.
Lets see how we close!
3.10pm....they are battling it out now. market could close at new lows. look to the VIX ! We're going to need at least the 14.60s for any last hour major sell off.
FB is weak...earnings at the close (I think)
..rats starting to jump....VIX making a play at a new high
3.39pm looks okay for the bears into the close..and across into Friday.