12pm update - awaiting a minor bounce

The smaller 15/60min cycles will be offering a bounce this afternoon. Equity bears have seen some moderate follow through from the Friday decline, but the headline indexes (sp, dow), are still comfortably above the major support of the 50 day MA..sp'1840.


sp'60min

Summary

Hmm...we're still on the slide...this market sure is weak!

Weekly 10MA is in imminent danger of being taken out..first time since early Feb.
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VIX update from Mr T



time for...tea.
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12.11pm.. Market breaks the weekly 10MA....@ 1848.

Just another 8pts will really clarify things.


12.21pm.. 1846.... next soft target..the 1842 low..and then the 50 dma...1839.