11am update - first big target is sp'1630

The market did break a touch lower at the open to 1608, but we're seeing initial signs that the momentum is swinging back to the bulls - much like last Thursday. The rather obvious target is sp'1630. A daily close over that would be very impressive, and bode for a strong Friday close.


sp'60min

vix'60min

Summary

*VIX is starting to get slammed lower, and that bodes well for the bulls into the afternoon.
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Bulls need to keep pushing from here. The whole situation looks very much like last Thursday, from which we bounced 52pts, in just 11 trading hours.

Right now...it looks like we've put in an important 'marginally higher low'.

The obvious question then is...can we put in a higher high.. >1648 ?


UPDATE 11.38am.. Bulls need to break the hourly 10MA @ 1619/20.

An hourly close above 1620 will open the door to a very bullish close in the low 1630s.

VIX is still -5%, but...is trying to hold the mid 17s.

Arguably, bulls need a VIX close in the 16s to be confident about Friday.