sp'60min
VIX'60min
Summary
*I EXITED TVIX-long, as the micro 5/15 min cycles look highly vulnerable to turning lower.. as equities are threatening upside.. with VIX cooling back under the 20 threshold.
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A disappointing overnight session, with equities rebounding - despite China imploding by another -5%.
7 down days from the sp'2081 high.
3 days UP.. from 1918 looks probable. In any case.. 1980s look a serious threat, and I'm content to side step things.
Just so there is no misunderstanding...
I have ZERO interest in trying to trade any equity bounces. I'd rather sit back, and wait for a better short entry.
If the market resumes falling without me... so be it.
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With each minute of price action.. it sure doesn't look bullish... but neither does it merit being short... at least to me.
A moderate net daily gain looks probable.
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10.31am... Looks like Friday afternoon was the floor of this down wave @ 1918.
It'll be a tough battle to push upward - as weekly/monthly cycles are hugely bearish.. but we should get there.
Eyes on the VIX.. a daily close in the 24/23s looks possible now.