sp'60min
Summary
Regardless of the minor bounce...we'll surely resume lower again. Daily/weekly cycles are pressing down very hard....target remains 1710/1690. Closer we get to there...target will likely be slightly refined.
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Update on Japan, Nikkei, monthly
*chart does not update until the US daily close.
Tuesday decline was -610pts, to 14008.
As I noted at the weekend, 14k is the first major level, with 12k after that. I suppose 12k might equate to sp'1700/1680s..which is just about possible in the current multi-week down cycle.
11.21am.. VIX holding the low 19s very well, considering the index gains. 22/23 looks an easy target..if not 25/27. Regardless, there is a clear 40pts downside in the sp' right now.
Notable strength: UGAZ, +19%