The bears have achieved a very significant victory. With the break of sp'1675, the 1709 mid-term top looks to be confirmed. Regardless of the usual 'latter day' recovery that seems likely today -and with QE to help, the bears should be increasingly confident into September.
The hourly index/VIX charts appear as though a floor is in.
With QE of 3-4bn today..and also tomorrow, lets see how high the maniacs will be able to bounce it into the late Friday.
On any basis, with the break of 1675, taking new index shorts in the coming days..a far safer trade.
Anyone still think 1740/60s viable this Sept?
CSCO is failing to get a bounce, but neither are the bears able to hold it under the 10MA on the 5min
Its an interesting one to watch, and I won't be meddling in it.
A clear test of the 10MA. Bigger mid-term picture looks pretty clear now. Across the next few weeks..a return into the 1500s.