sp'60min
vix'60min
Summary
*as I type, we're seeing a rather strong reversal in equities..and being confirmed in the VIX.
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Regardless of how we trade into late Friday, its still going to take 2-3 days to have any clarity that a near term floor has been put in.
Even if we are trading in the 1630/40s tomorrow - as difficult as that might seem, that still doesn't mean we won't see one final wave lower
Plenty of chartists out there counting the current action down as a 3, with a 4 bounce to come..and then a fifth...early next week.
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*I remain heavy long (yes..am underwater), and seeking an exit in the low sp'1640s...within the next 3-5 trading days.
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2.13pm...well, we're right on the edge of a major snap to the upside.
Hourly charts are PRIMED for major upside. Sure it could fail..but I'm guessing...no.
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2.29pm...and away we go. Hourly index cycles breaking to the upside.
A close in the sp'1620s would offer 1640s by the Friday close..and that would no doubt annoy all those bears holding short..seeking much lower levels.