The bears are not serious. They are not ready for prime time. The bulls have control of this market. Today was a day for the bears to make a statement but they just could not. At this point, look for the SPX to drop to 1440-1438 before the bulls take the wheel to regain full control. My expected drop to 1440-1438 is just time for the bulls to relax and regain strength, not because the bears have anything to offer.
VIX wants to run up but it will do so without taking the SPX down just like the last two weeks of August. In so doing, it will setup a run up for the market when the VIX reverses and start moving back down.
So look for the VIX to run up while the SPX makes a sideways drift lower, thereby setting up for the SPX to run higher starting the last few days of this month (likely from September 27th).
Just my opinion. So it doesn't count. Let the charts speak
VIX-DAILY
SPX-DAILY III
SPX-DAILY II
SPX-DAILY I
SPX-30MIN II
SPX-30MIN I
SPX-5MIN
