Well the futures wheel of fortune has spun up, we're 5mins in and the SP equivalent ES is -3.5pts. Not exactly free fall, but neither is it +10pts for no good reason. Bears have everything set for a bearish week ahead. All the cycles are primed for some dynamic moves to the downside.
Sp'daily cycle
Futures are highly unreliable, so we could still open higher -although I'm guessing we won't.
Bear targets
- need to see VIX break into the 19s..and then 20. If 20 can be hit, it should offer yet another chance to break the recent 21 high, and then hit 24 later in the week.
- if market can break lower to around 1365 or so, that would break and confirm the bear flag on the daily cycle, and should lead to 1340/25 in the very near term.
Good wishes for Monday trading.
Sp'daily cycle
Futures are highly unreliable, so we could still open higher -although I'm guessing we won't.
Bear targets
- need to see VIX break into the 19s..and then 20. If 20 can be hit, it should offer yet another chance to break the recent 21 high, and then hit 24 later in the week.
- if market can break lower to around 1365 or so, that would break and confirm the bear flag on the daily cycle, and should lead to 1340/25 in the very near term.
Good wishes for Monday trading.
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