The dailies printed a bullish Dragon fly doji on SPY. VIX printed a gravestone doji. So odds are high that we will at least retreated back the 20MA.
The question is did we finish minute [i] down and are going into the minute [ii] retrace finally? Or was the last bump up the minute [ii] retrace and we are bumping up right now for minuette(ii) of minute[iii]. Daneric and Kenny both had excellent analysis for this being minuette(ii) of [iii] based on market internals. For now we have to watch the VIX, I believe the minute [ii] retrace will take us below the 20MA. If we bounced at the 20MA on the VIX then this is minute [iii].
BPSPX:CPC confirmed that we are in an intermediate downtrend.So in conclusion...up tomorrow :-P
