10am update - hourly charts warning of upside

The bears have seen the market slip from 1687 to 1605 in eleven days, that's a pretty good move, but on any basis, we're now due another bounce. Bulls should be seeking a Friday close >1635, that will open up a rally into June opex.


sp'60min

sp'daily5

Summary

VIX is starting to show signs of a fail, and the indexes are yet again trying to put in a spike-floor.

Today..and indeed tomorrow could be a bit tricky,.but I have to think, underlying pressure should start to increase to the upside with each passing hour.

Bears had a good run, its arguably time to exit..and wait for a re-short sometime around opex.
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*I remain long (yes, underwater), but I think there is a very high likelihood of the sp'1640s, if not the 1650/60s within the next 3-7 trading days.
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UPDATE 10.40...it remains a choppy mess...but underlying pressure is still increasing to the upside.