The bounce from the opening declines has been especially strong, and some bears are already waving the white flag, looking for new historic highs. Weekly cycles remain bearish, but if the indexes close positive today... then sp'1964 will mark just another higher low.
*daily candle on the VIX is a real mess, how we close today is critical. Bears need >17.10.. but right now.. that looks damn difficult.
For the bears... either we see a latter day sell off (and that is rarely the case in this market).... or this is going to mark just another higher low.
I guess at least its not boring, right?
VIX update from Mr T.
time for lunch
12.33pm.. chop chop.. sp -8pts.... but really... bears gotta see a daily close under the opening level..otherwise...daily reversal candles all over the place.
Similarly.. need VIX 17s.
Long afternoon ahead...