Wednesday, 2 May 2012

Closing Brief

Market slowly crept upward into the close. For the bears, today was truly annoying, but if the mini H/S formation is correct, a break under 1394 should occur tomorrow or Friday. Its an interesting situation, and as noted earlier, the daily cycle does still offer a potential bearish scenario. The weekly/monthly cycles remain bullish of course.



IWM remains weaker than SP' again, and unlike the SP', IWM did break a new low this morning. This is one minor claim the bears can at least take from today.


Not the most inspiring end to the day for the VIX, a barely 1% gain. From a cycle perspective, the VIX is looking weak again. An early Thursday morning drop in the VIX..very possible - matching up with the RS peak of SP'1405/10 ?

Daily Cycle Update..later in the evening.