sp'60min
vix'60min
Summary
For the bears, the phrase 'at least we didn't close in the mid 1620s' comes to mind.
The largely flat close should be seen as a start, and is certainly not any kind of confirmation of a trend change.
Bears unquestionably need a daily close <1600, and even then, the bigger weekly charts won't be fully on track until we're persistently trading in the 1570s..or lower.
--
Wednesday has very significant QE, and bears will likely struggle to prevent a third challenge of the 50 day MA.
more later..on the VIX