12pm update - still due a bounce

The market may have just floored @ sp'1560. After a 3 day decline that started from late Wednesday, the market has lost 94pts. We're due a bounce, lets see what the bulls can manage into the afternoon


sp'15min

Summary

Certainly, this mornings declines were not expected, although the daily/weekly charts are obviously in a bearish configuration.

1620s now look well out of range. Bulls will be lucky to get a 1610/00 hit in the next move.

*I am long (small position) from sp'1564, seeking an exit 1575/80


VIX update from Mr T



Stay tuned!

VIX'60min

You can see how the VIX has cooled off a fair bit already, even though the market is near the lows. That is fairly bullish for the bulls - at least for a few hours.


12.31pm..  bears should arguably be exiting here, or at least tight short-stops.

first target is 1580