11am update - where we close, is what matters

The bulls have already launched a pretty fierce bounce from the opening low of sp'1601, and are no doubt relieved that 1600 held. VIX has lost all the earlier gains, back to flat. Bears should remain somewhat 'desperate' for a Friday close <1600.


sp'daily5

vix'daily3

Summary

Ignoring the minor 'noise', and keeping in mind the bigger daily charts.

Bears sorely need a close <1600 by the close, but even then, they will need strong downside on Monday, just to have a chance of breaking to the original weekly cycle target of 1530s by mid-July.
-

How we close today is a tough one to call. Considering the weekly charts, I'm still inclined to the downside, but it sure doesn't look so great this hour.
 --

I suppose it could be worse, I could be long BBRY

URghhh

11.26am..well, indexes slightly green, and we're around 12pts from the gap-fill that seemed near impossible on Monday.


11.40am..they sure are battling it out at 1612/13.