On the long term we have lower highs and lower lows -- bearish.
On the short term, we just put in a bottom, VIX spiked to 30 and the VIX closed up at 21.18 confirming a short term bottom.
Fib wise the SPX has not even retraced back to 38.2% yet, but if the SPX follows a similar grind back up like it did from March through May then the channel might look like the green line channel I put up on the chart.
If oil is tame or if the market can disconnect itself from the high crude prices then the quest of the SPX to go and retest the downtrend line near the 100MA seems probable. (Note: the RUT has already retraced close to 60% of it's move off last weeks lows)
Short term trend is up, next target 1290.
We'll update again tomorrow.
SPX Daily Chart:
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