10am update - a bear flag for Thursday?

The market opens moderately higher, but despite the gains, the daily index MACD cycles are still rolling over - its day'2 down. Perhaps a bear flag for Thursday, with some decent and very significant downside on Friday? As is often the case... look to the VIX for the real direction.


sp'60min

vix'60min

Summary

Considering the weekly, and monthly charts (esp' for Trans/R2K), I find it again very unlikely that sp'1597 can be decisively broken/closed over.

Whether we close a touch lower, flat..or a touch  higher today, I am resolutely holding across into Friday - heavy short indexes/Oil.
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This mornings bounce is giving EVERYONE the opportunity to get positioned - as they prefer, for tomorrow.

There can be NO excuses about not 'having had time/opportunity' to be ready.
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10.24am.. well, we're 1592 already, a mere 5pts from the high.  I realise some out there are still looking for the 1620s in May, before a rollover. I'm still holding to the original outlook though. 

We'll find out soon enough who is right.