With the daily cycle still crawling higher, I knew it was going to be kinda difficult to halt this rally - even with anticipated lousy econ-data, but this market is again showing its ugly side. Near zero-volume...melt up. There are no buyers out there, its the type of action the bears have nightmares about.
The upper channel on the hourly, and the declining trend from the sp'1422 high in April allow a high of 1390 by the Friday close. We are now disturbingly close to breaking above ALL key trends.
VIX, daily, rainbow
So much for the initial blue candle on the VIX rainbow chart, we're now back to red again, and 'normal service has resumed'.
Just one more day higher, and we'll be at the threshold of destroying all the bigger downward trends that began in April.
Something for those damaged bears out there...