10am update - failed rally?

The main indexes all open higher, but there are hourly black-fail candles all over the place. R2K already slipped 1% from the pre-market highs. If the bulls can't hold this market at least broadly flat by early afternoon, there is very high risk of a further wave lower, <Sp'1600.


sp'60min

vix'60min

Summary

Its become a very annoying market to end the week for those on the long side. A slightly higher open, but it is simply not decisive enough to clarify whether the 11 day down cycle is actually complete.

Bulls need a close in the 1640s to clarify matters, and right now, that no longer looks viable today.
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