IWM (representing Rus'2000 small cap)
Dow
Sp'30
Summary
We remain in the down channel on ALL indexes. The broad trend is still currently downward. However, today's action - when you consider the daily and weekly charts, is very suggestive of a multi-day bounce/rally.
It will be very important for the bulls to close tomorrow either flat..or marginally higher. Strong follow through of 0.75/1.0% would be very significant, and would open the door to a swift move to 1340...and more likely 1370/80 sometime next week.
More later..dealing with the VIX, those daily cycles..and the bigger bearish outlook