12pm update - pressure remains to the upside

The market is continuing to build gains, but the indexes sure look a bit shaky at times. There is clearly a lot of selling into strength this morning. Hourly charts still pushing higher, sp'1595 looks pretty easy to hit, but 1600 will be 'difficult'. Eyes on the VIX, which is cooling off..termporarily.


sp'60min

vix'60min

Summary

My best guess remains this is merely a bounce, before much lower levels.

On any basis, I'm seeking a clear short from 1590..down to at least the 1550s...but possibly considerably lower if bond yields spike on Thurs/Friday.

Look for the 10yr >2.75%.
--

*I am trying to remain patient...and will launch a major short when the 'turn' appears in.