The early morning falls certainly were largely negated today, we're almost back to 'business as usual' with the seemingly late-afternoon mini ramp, probably largely caused by those algo-bots.
IWM, daily, bearish outlook
SP, daily, bearish outlook
NYSE Comp, daily, rainbow chart
VIX - bullish market scenario
Some very conflicting daily charts today, there are a few signs the market is still winding itself up -for a big move to the downside. The NYSE 'rainbow' chart (Elder Impulse) is suggesting that the little 6 day up cycle is coming to an end - posting the first blue candle.
The Transports were one of the strongest sectors today, and are again on the verge of breaking to the upside, I think I'll post more on that later. The Tranny...remains the sector to watch this summer.
I'm still looking for VIX to break 21...and then to 24. Even the bullish market outlook would surely allow for VIX to get at least a little spike higher later this month?
A little more. later this evening.