12pm update - bears struggling

Despite an early morning sell off, the sp' held the big 1600 level, and the bulls fought back pretty impressively. It remains a very borderline situation on the daily charts. A Friday close in the 1620s would do serious damage to the still moderately bearish weekly cycle.


sp'daily5

sp'weekly7

Summary

With the morning bounce, we're back to a blue candle, and that IS a real problem.

Need <1604 to get red.

If we can close <1600, I won't have too much concern about holding into Monday.
--

time for lunch !


VIX update from Mr P.



back later