3pm update - rolling over into the close

The situation is much like Friday, with the hourly index charts rolling over. The VIX looks to have floored @ 16.00, although both equity daily and VIX daily charts are in favour of the bulls. The bigger weekly index charts remain on the borderline.


sp'60min

vix'60min

Summary

A rough day for those still resolutely on the short side.
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Some weakness into the close looks viable, and for the bears..there is at least no significant QE tomorrow.
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I remain short this nasty market, but any daily closes in the 1630s, and I'm likely out..regardless of price/loss.


3.21pm..a close <1615 would be...'useful'.

3.33pm... well, its the sp'1615s...and we're seeing little sell signals all over the place now.

I still won't have ANY confidence on the downside until a daily close <1600. Even then, I'm very concerned the market will ramp on all subsequent QE days.

3.41pm..bears should seek a VIX close >16.50, with sp <1615, All things considered, that would more than suffice for what has been a difficult day.