IWM, 60min, rainbow
Hmm,we have ended the week with a bear flag - or is it just another test of the floor? This is a tricky situation, and anyone holding across the weekend (myself included), is doing so based on the bigger picture outlook.
From the MACD cycle perspective, we are primed to go +cycle at the Monday open, but just like March 21'st, we could fail, and have a double, or even triple down cycle. A secondary down cycle would at least touch 81 - which puts the inv. H/S theory in critical jeopardy. The doomer-bears will be clawing for a break under 80.
Sp'60min, rainbow
SP' remains stronger than the Rus'2000, and indeed is nicely holding the lower channel line that is now 3 weeks long. I'm guessing we've already seen enough of a decline to complete the down move from 1422 to 1392, and next Monday I am looking for a major snap upward, with an eventual target of sp'1435/40 within a week or two.
VIX' 60min, rainbow
I'm inclined to believe the VIX be back in the 15s on Monday, but we are in a moderate up-channel right now. However, as noted over and over again...whilst the VIX is below 20, all these moves are generally so minor, and largely irrelevant noise.
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*more later..and indeed a little tomorrow.