12pm update - letting the bounce play out

The market is choppy, but it does look like 1398 was again a key flooring level. A bounce is now well underway, although it will probably be limited to 1415/20. Its difficult to estimate whether we'll see that early Wednesday or late Thursday. What still seems clear, the bigger downside targets.


sp'60min

vix'daily - a bounce off the rising 10MA @ 19s?

Summary

So..a bounce, and even if it lasts 2-3 days, it might amount to no more than 1.5%. A brief flirtation into the 1420s seems viable, but it won't be easy.

The bigger weekly charts are firmly pressing lower, and so any bounces are going to be greatly restrained.
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I remain patiently on the sidelines, after my exit at the open. Considering Tuesday is closed, I'm increasingly content to sit this nonsense out until we resume on Wednesday.

I need a break, back at 2pm
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UPDATE 1pm ..looks like market spiking..and may have just completed an A' wave.

B' wave , after Obama speaks... with C' early Wednesday @ 1422/24 ?

I think so..and I'm starting to quite enjoy today.