1pm update - is it a bounce?

The big question remains..is the current wave from sp'1837 just a natural bounce, with more downside to come (1830/20s minimum)..or..is a key floor in, and the market set for new highs? Considering price action and structure, best guess remains....a bounce.


sp'60min

Summary

We're fast approaching the lower end of the target zone.

I don't expect the 1870s today.
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With VIX in the low 14s, this is not exactly a bad level to re-short.

Lets see how the market reacts to the Fedspeak at 2pm.


1.21pm.. I see a lot of obsessive chat about the sp'1863 threshold..middle daily bol'''...actually 1862 right now.

Market in a holding pattern..ahead of the press release.

With VIX in the low 14s...we are surely pretty close to a floor.