1pm update - afternoon battle

The bulls are desperately trying to hold the 1600 level. Considering the VIX looks floored in the mid 17s, I do not think the market can hold a close >1600. With just a little push lower, the bears could achieve a moderately red close, and would set up some serious carnage into the Friday close.


sp'60min'3 - broad outlook

vix'60min

Summary

Its still looking okay for those who are taking/building new short positions.

Hourly MACD (blue bar histogram) cycle certainly looks on the high side, although no clear sell signals..yet.
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I'm going with what I have been thinking about for the last few days..  a VIX gap fill..and then the next equity wave lower....sp'1530s would be the obvious target.

Certainly, that looks to be hit by mid July, but it could come within a few days.
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*I am heavy short, and in no hurry to exit this until considerably lower levels.