Update: The Treasury ETF, TLT, has traded 3.6M shares today. A typical day sees 9.1M shares change hands. The desire to migrate toward “safe” assets is not strong today.
It is too early to buy. It is also too early to give the bearish case the nod. Possible support exists on 1,5,15,30 and 60 minute charts in numerous forms between 1,307 and 1,317. As long as 1,307 holds, we are inclined to be patient. If 1,307 fails to hold on the S&P 500, we will review the upside potential and downside risk in that light.