1pm update - down cycle complete?

The main indexes went moderately red..as expected. The big issue now is whether we've put in an important higher lower (>1622). If the market can claw back to flat, or a touch higher by the close, the bulls should be fine for sp'1655/60, no later than Thursday.


sp'15min

Summary

Well, the target I had has been met, and I've made my move. Now its back to the waiting game. So long as we don't go much below 1630 - and not close there, its looking pretty fine into tomorrow.
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*I am heavy long, via IWM and MRO. Will likely hold both overnight, seeking an exit in the sp'1650s.


UPDATE 1.28pm..well, there goes the 1634 low....next up 1632/31 area. 

1.33pm...a mere 8pts from key low...

I'm still guessing we'll comfortably hold over yesterdays low.  Still a good 150mins left of the day.