We are between the 50% and 62% retrace on the SPX, not a very satisfactory place to turn around for P2. Its starting to look convincing that we may make it up to the 1228 level on the SPX.
The negative divergence with the BPSPX is starting straighten itself out. BPSPX:CPC is looking to have the 20 cross the 50 moving up. Typically this usually points to a couple of weeks net positive.
VIX touched the lower BB, at least for the very short term I expect a bounce to the 20ma. So for the very short term it looks like a pull back is coming. For the intermediate term it looks like P2 might not be over. Clearly we are still in P2, the question now is how long will it last.I will take a look at China for redvettes :) But not until tomorrow night.
