Daily Index Cycle update

Morning declines largely reversed by the close of what was a deathly quiet day in terms of trading volume (see ZH). With the VIX back to the lows of March, this market does appear to be carving out some kind of top.

The issue again will be, will we merely put in yet another higher low (above 1354), or will a stronger trend change occur. It is possible though we'll bounce, create a minor H/S formation, and then break a new low.


sp,daily5

Summary

I'm not going to post any of the other usual indexes, they are all pretty much the same today.

The Sp'500 closed today with what is a somewhat bearish hanging man candle.

I refer you to the candle of May 2'nd. Kinda interesting?

So, lets see if we can get a break into the 1380s tomorrow, and close near the lows of the day. We do have some econ-data - most notably Retail Sales, so the market will be more active.

A little more later.