A real mess of a market today. Sure the indexes are holding onto reasonable gains of 0.75%, but the VIX is green, +3% no less!
Today sure is a tricky one, intra-day moves have already probably annoyed bears and bulls alike. That last hour fall sure did catch a few by surprise.
As noted at the open, the VIX was due to go MACD +cycle on the hourly cycle, and indeed it has..and we have the rare situation of both green indexes and VIX. The bulls should be concerned about this.
So right now, we have slightly overbought indexes on the 60min cycle, but the daily and weekly cycles offer more upside.....all whilst the monthly cycle warns of 'downside to sp'1100...sometime this summer'.
*FB remains endless entertainment..more on that over-valued nonsense later.