1pm update - another vain bounce attempt

US indexes remain very weak, but as ever.. there is threat of a smaller bounce. VIX is holding moderate gains of 2% in the low 17s. With the R2K having broken the critical 1080 floor... the bigger picture is now clearly swinging fully toward the equity bears.


sp'60min

Summary

With the jobs data tomorrow, there is threat of a 'dumb bounce' to the 1950s.... but that is a good 1% below the now concrete resistance wall of 1980.
-

*I might look to pick up a short...late tomorrow.. as i did last Friday afternoon.

Primary target is now the August low of sp'1904...before a 2-3 week bounce.

--

Something for the 'big picture' watchers

R2K, monthly3, fibs

The 1000 threshold looks set to be hit this Autumn.... 900s would make for sp'1750/1650.


1.22pm.. Market testing the hourly 10MA...1926.. to 1943.. thats a fair bounce...hmm

1.25pm.. Typical turn time is of course 2.30pm... 1948/50 zone would be an interesting area to short from.... I'll certainly consider it.