sp'daily5
R2K
Trans
Summary
So, it was another day for the bulls, and the bounce is now almost 3 days in duration. That is pretty considerable, and almost matches the decline in terms of time.
Best guess remains, this is merely a bounce, and that further downside is due.
For Thursday, bears have some very clear break/snap levels.
VIX 18s, with sp'1595, although by the end of tomorrow, the bulls will need to have ramped the indexes to around 1610 - just to hold within the current up channel.
--
*I am heavy short, and effectively have an exit target of sp'1550 (minimum), but possibly 1530s within the next 2-3 trading days. I'm trying to be patient with this very large short-side trade.
As at next week, the weekly target will be around 1510. It won't be easy to hit, but it'd make for a very nice 'go heavy long' level.
As ever...one day at a time.
--
a little more later...