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These are hourly charts of SPY and the VIX. They are actually now showing a reasonable divergence pattern to set up a short trade. However there are relatively mixed currents of momentum on the different time frames which suggests to me that we are likely to see continued trading mostly within the range of the last 6 trading days for probably a few weeks to come.
Of note on the charts are the divergence in the momentum indicator relative to SPY. And on the lower chart, the VIX did not confirm a lower low this afternoon as SPY made a higher high. These VIX non-confirmations are often leading indicators of a reversal attempt.
Not shown is the hourly total put/call ratio chart which nearly touched the bottom bollinger band this afternoon and is further indication that this move is now stretched to the upside for the short term.
That being said there is no downside breakout on this hourly chart to suggest that a significant move is underway.
After similar sell-offs to the recent October plunge, the sharpest portion of the rebounds have occurred in the first few days, likely as short-covering rallies. Once that initial short-covering is exhausted, we will likely see at least a 1-2 day pullback, possibly quite sharp. However, a subsequent move to yet higher closing highs, would be indicative of legitimate market interest on the long side in my estimation.