Market has broken the early morning high, and the bulls are making a play for the 50% fib retrace in the sp'1607/08 area. The 1620s still look out of range, although VIX is so far unable to hold the 18s.
Well, certainly no clear break lower yet.
On any basis though, the bulls are a good 43pts above the Monday low, and considering the recent market mood, the general weakness should return at some point.
Regardless of how we close, I ain't exiting.
If the bull maniacs can manage 1620s..so be it.
What I do know is that the upward channel from November is busted.
Downside target remains the lower weekly bol..currently sp'1495.
*could be worse, I could be long Gold/Silver
the patient bear :)
2.12pm.. market looking tired @ sp'1602. Hmm, can the bears whipsaw this lower by the close?
Key thing to look remains... VIX in the 18s. That'd set up tomorrow morning for VIX 20+
2.30pm.. .1604s, oh well, 1607/08 will surely be hit now.
For the bulls, a close of 1608/10, would open the door to 1620/25 tomorrow. That'd indeed be..annoying for those already short.