It is far from clear what will happen today. One major piece is AAPL and how the earnings will be read today buy and sell wise.
Non the less, I saw short covers yesterday on SPY and thus I’m speculating in a rebound today. Below 4h SPX:
If we rebound (odds are about 7:3), the rebound could hopefully tell was the bottom in or not. At the moment I do not think we have seen the bottom yet. Both short term and mid term is down right now. SPX needs to close above 1360 to change my mid term trend forecast.
VIX gained +9% yesterday and closed in the 20-area which is also the upper Bollinger Band(20,2.0). I would like to see VIX close below 17 and VXV below 20 before I consider to change my short term forecast.