11am update - market finds support at gap'3

The main indexes are holding moderate declines of around 0.5%...with the VIX +8% in the upper 16s (but an opening spike of 17.49). Equity bears are clearly still in control of the near term trend, but there remains a general lack of decent downside power/kick.


sp'60min

vix'60min

Summary

*the opening black candle on the VIX, is probably the most important thing to focus on right now. Those black candles are not to be dismissed lightly.
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Hourly MACD cycle on the indexes will be trying to tick higher within the next hour or two, and by late afternoon, the bears could have some real problems if the market is trading back in the 1690s.
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I'm as bearish as they come..and yet, I sure don't see anything that entices me to get involved on the short side.


11.34am.. Two hours into the trading day, and bears look unable to break below the opening low.

Gods forbid some 'last minute deal' occurs..we'd be trading in the 1700s within minutes.
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