sp'60min
VIX'60min
Summary
*VIX is notably weak, and should remain a concern for any bear trying to short this nonsense.
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I remain content on the sidelines, and considering the opening 90mins, I have ZERO interest in picking up any long positions into the weekend.
If we retrace early next week, 1870s or so...I'll consider picking up a short term index-long.
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*Were I 'forced' to take a position right now, I'd be short, with a stop at 1899, but as noted, the VIX is real problem for those in bear land.
11.03am... confirmed double spike top on the hourly, that is pretty bearish...
first downside target is 1885/80..that looks viable.
11.11am.. and down we go......those spiky top candles sure are good indicators..especially if more than one!
11.25am.. tech really under pressure, Nasdaq comp -55pts....-1.2% or so....momo stocks getting trashed for second time this week.
R2K breaks...-0.9%.....ugly reversal.
11.42am.. very bearish hour...bodes for more downside into the afternoon.