A very interesting closing hour. The hourly cycle indeed rolled over, and even though most indexes still closed green, we put in a nice spike/failed rally candle on the daily cycles (more on that later). Even the VIX showed a hint of a turn higher.
Sp'60min
IWM'60min
VIX'60min
Summary
We closed the day with a hint of something potentially interesting happening tomorrow. From a cycle perspective, we could in theory trundle lower across most of Wednesday - and put in a lower low - aka.. <1395. However, bears will need a real sell-off, with good volume to break the 1390/95 level. Similarly, we'll need to see VIX break back into the 18s/19s, otherwise any down cycle just won't amount to much.
More on the daily cycles, later this evening.
Sp'60min
IWM'60min
VIX'60min
Summary
We closed the day with a hint of something potentially interesting happening tomorrow. From a cycle perspective, we could in theory trundle lower across most of Wednesday - and put in a lower low - aka.. <1395. However, bears will need a real sell-off, with good volume to break the 1390/95 level. Similarly, we'll need to see VIX break back into the 18s/19s, otherwise any down cycle just won't amount to much.
More on the daily cycles, later this evening.
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