11am update - rainbows have the answer

The indexes are showing a little underlying weakness. From a broader perspective, we're putting in a pretty good top on the daily cycle. We're at least due for a move down to the 1360s.

VIX still weak, it sure is a long way up to 20.


SP, daily, rainbow

VIX, daily, rainbow

Summary

The rainbow charts (elder impulse) help to make trend changes a little more clearer sometimes.

We can be clear that on the indexes - all of them, we now have a top, and the first signs of downside momentum.

So far though, VIX showing zero sign of a turn.
-
At this point though, both the bigger weekly and monthly cycles remain bullish.

Bears have a real problem until we are back under 1340...preferably 1300.