12pm update - shorting the dumb bounce

The market has seen a very strong 21pt bounce from the early morning 'minor' collapse wave. The daily charts are suggestive today is a key reversal day..and the bounce is merely an opportunity for the bears to re-short. Bears should seek a Friday close in the 1640s.


sp'15min

sp'daily5

Summary

*I am heavy short the market, via VIX-long, VIX 15.50s/sp'1659.

I am seeking the sp'1580/70s before the FOMC of Sept'18.
--


I have to say, this morning has certainly been a tough battle to stay focused..yet, the bounce was to be expected...and it looks like it may have maxed out - back at the opening high of sp'1661.

Bears REALLY should be seeking a weekly close in the 1640s..which puts the 'rainbow' weekly candle back to red.

That will set up next week for much lower levels.

For you regulars out there...

sp'weekly7

Four hours..to see this weeks candle turn back to red


VIX update from Mr P.



time for lunch