11am update - indexes want to turn green

We're only 90 minutes into the trading day, and already the opening declines have been almost entirely negated. The market looks set for minor gains into the late afternoon, with a more substancial wave higher tomorrow. VIX similarly looks set to turn red.


sp'daily5

Summary

For those getting overly excited about the opening declines, today is indeed already starting to get annoying.

Zero reason why we won't close moderately higher, and the sp'1720s look very viable tomorrow.

The only issue is whether that will conclude the nonnsense since the 1560 low of June'24. A great many things would suggest..yes.
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Interestingly, the R2K looks VERY close to maxing out..another 1% will be tricky to attain, even if the headline indexes (Dow, SP) are 1% higher tomorrow.

The R2K short target would be 1065/75...down to 950/925 by mid September.