12pm update - vain bounces

The market continues to attempt to bounce, but faces powerful downside momentum from the bigger weekly index cycles. Mainstream consensus is now to a test of the 200 day MA..currently sp'1709, which will likely at least equate to VIX 22/23 - breaking the 2013 high.


sp'weekly7

Dow' weekly

Summary

*ignoring the smaller cycles for an hour or two.
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A hit of the 200 day MA on the sp' would surely equate to Dow 15k - lower bollinger. However, it'd not surprise me to see 14750 - which would equate to the sp'1680s - where my primary target remains of the lower weekly bol'.

Again, I should note, if I see a hit of the lower weekly bol', I'll conclusively call 1850 an inter'3 top...which makes shorting the next multi-week bounce..the best shorting opportunity since July 2011.
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VIX update from Mr T.



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time for tea :)