2pm update - minor down cycle complete?

The market has seen half of the morning recovery gains evaporate, but its still probably just a minor down cycle..enough to shake out the weaker bulls, and suck in the most careless of bears. Oil remains weak, -1%.


sp'15min

Summary

Certainly, an interesting little wave lower, but the 'real fear' of the day has been and gone.

I will be very surprised if we take out the morning low. Neither the daily or hourly index cycles support such a move.
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*I am largely on the sidelines, seeking another long-entry...early Wednesday, preferably in the 1635/30 area.
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2.18pm.. we have a very nice marginally high low in the sp'1628/30 area, and a little rally into the close is now very viable.

Bulls should be making a charge for the 1640s again.