11am update - Mr Market messing around both sides

So the overnight gains completely fizzed away in the opening 30mins - with IWM flashing the first warning with a classic black candle.

Yet, the daily, and weekly cycles have underlying momentum to the upside still. So... bears should stay out of this mess.


IWM'60min

Sp'60min

VIX'60min

Summary

For anyone trying to play the open, this is surely becoming a real confusing mess. From overnight dow +150..and as I type, dow -35.

VIX is NOT confirming any move to the downside this morning, bears should be VERY concerned about that.

I think its best to let those algo-bots battle it out at least until late Tuesday, or early Wednesday.
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*I'll cover the daily cycles in the next hour maybe, they are ALL still warning of upside to my original target of sp'1350/60.

10am update - messy open

We're now 1% lower or so than the overnight peak. Not exactly a super bullish open anymore. Even the cheer leading maniacs on clown channel appear to realise that the latest bailout plan (and it remains a plan still), is not going to lead to underlying economic growth in Spain.


IWM'60min

Sp'60min

Summary

IWM putting in a classic warning black doom candle - with the VIX hollow-red reversal candle (15min cycle).

I sure won't be shorting from this level though, given a few hours of shakeout, this market might easily still close up 1% or so, with follow through tomorrow.
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Better to do nothing.

Pre-Market Brief

Good morning. Futures are currently showing sp+9pts, so that would be an open around 1334. That is somewhat off the highs of 1341.

I hold to my original target zone of 1350/60 for this week, however, after a lot of consideration, I think there is the real risk to bears that wave'B has not occurred yet, in which case, I would look for a move from 1350 to 1300..and then a final high in the 1360/70s later next week.


Primary outlook

A secondary outlook

sp'60min

Summary

I think it will be fine to re-short in the 1350/60 zone, although that seems not likely to be hit today. The plan remains to short late Tuesday or early Wednesday 1350/60. Certainly, I won't be shorting today, its still too early in price and time.

Good wishes for the week ahead