11am update - bouncing within a down trend

US indexes are battling to hold moderate gains, with the sp' back in the 1830s. VIX is lower, -4% in the 16.30s. Equity bulls need a close back above 1840 to have any confidence that the Friday low of 1814 was a key low. Metals are building gains, Gold +$12


sp'15min

Summary

Hmm..so...another bounce...and like Tuesday morning...this one is holding.

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All things considered, I find it very difficult to believe last Friday was a key cyclical low of sp'1814, with VIX in the upper 17s.

Bears surely have Tue/Wed' still in their favour.

Will be interesting to see how we close today.
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11.07am.. With a clear break >hourly 10 EMA, the super bearish outlook is...dropped.

I am still seeking a break <1800...based on recent price action, and the bigger weekly cycles.

Just need some patience....


11.22am.. worse case for those on the short side right now..the low 1840s, but that seems difficult. Who is going to be buying there?