3pm update - significant weakness into the close

The FOMC minutes pleased the market...for a few minutes. The break >1654 no doubt short-stopped some bears out. Yet..perhaps the real reaction is coming now..and the market is on the decline. Significant risk of weakness all the way into the close..with a Thursday gap lower.


sp'15min

Summary

*I am short from sp'1654, seeking an exit in the low 1630s.
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All the smaller cycles are currently now in bearish config', a gap fill down to the 1630 area doesn't seem to be that bold of a target.

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In the bears favour, there is no sig' QE tomorrow.

Bears should be looking for a VIX close in the 15s

Won't be easy, but thats what I am looking for.

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3.21pm... market is battling it out, a bit stuck at 1648...

Downside target is the 50 day MA...1630 by Friday.


3.33pm... sp'1652...hmm, bears really need a close >1650, if not <1647. The threat remains of a Bernanke spike to 1660s.

Regardless, I will hold short overnight, and see how we open tomorrow.