11am update - minor down cycle to rattle the bulls

Market has seen some weakness to rattle the weaker day-trader bulls out. R2K and Trans have made new lows, but sp/dow held. VIX remains slightly red, and broad targets remain unchanged, with a bounce to sp'1620s by late Monday.


sp'15min

Summary

Its probably important to keep in mind, its quad-opex, could be a day of chop...although hourly index charts are now ticking higher..underlying pressure is to the upside.

Being short right now..seems crazy. Very significant upside risk.


UPDATE 11.09 am.. am 'minor' long the indexes from sp'1588

The small 5/15/60min cycles all look floored now, and there is reasonably upside to 1600 again by end of day.


sp'60min

Looks okay for upside into Monday


11.30am..hmm, well, another small wave lower to 1580, a mere 5/10pts away from where many were seeking a lot. Hourly charts still look exhausted on the downside.

Bulls just need to break above the hourly 10MA, currently 1596