sp'60min
vix'60min
Summary
Market is very likely exhausted on the downside in the current multi-day cycle.
The only issue is how high do we bounce..and how many days.
Best guess..sp'1680s look very likely. The only issue is whether the bulls get yet another attempt to clear 1700.
Not that it should matter for the bears in the mid-term. I can't consider a new high viable until late October..at the earliest.
10.38am.. market still battling it out to hold a floor, but frankly, bears look done for a few days.
Overly risky to take a long position, but a lousy place to launch a new short.
For the moment, patience would seem the only conservative option.