sp'daily5
Summary
Without question, this afternoon is much 'clearer' than yesterday.. even though to many, this price action is getting ever more confusing.
We continue to put in a series of lower lows.... 1968 is now 'last line' for the bears, but that looks very secure now. Indeed, I'd call the daily 10MA @ 1959, the short-stop line.
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Best downside case remains sp'1904... which might equate to VIX 21/22....
On NO outlook do I see a persistent break <1900 in the current down cycle.
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VIX weekly
A weekly close >17.50.. would be VERY important, and clarify the 2011 wave... is concluded.
2.33pm... Dow -337, with VIX 19s..... good huh?