Short term update

RECAP:
In my review before the vacation I wrote that after such strong rally we should see 2-3 days consolidation and another leg higher if this is really a new bull upleg. The indexes start showing weakness and I wrote warning that something is wrong. The result is the alternate scenario played out (see the review for the chart).

UPDATE:
Wow panic sell off SP500 -60 points.
I was not 100% sure that we have entered cyclical bear market, but now I am:)
The next big move will be to the upside - strong bear market rally. I do not know when the current move to the down side will be over. I think we will see bottoming process - several green days retest of the lows forming divergences etc.
In a nutshell - if you are short take some profits, I will post the charts on Sunday.

This looks like a climax sell off with SP500 -43 points and VIX hitting 30... and we are at support level.
The odds are high that this is short term bottom.