We continue to have confirmation on the hourly charts ($SPX & $DJIA) of the beginning of a new wave down.
Today, we also received confirmation of a down trend on our favorite SPY:VXX ratio.
Also, bonds stopped falling and new money is coming into them - perhaps a bearish sign. Interestingly, DJIA is more bearish that $SPX and $RUT.
However, we do NOT have confirmation of a down trend on the daily charts.
All and all, our uptrend that started on June 24 likely ended yesterday and we are awaiting for confirmation of a new down wave.
Target for this new down trend when it materializes is 1,530 or a bit lower.
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