With the VIX putting in a black candle on the daily charts, it seems very likely we'll see further index gains for at least another day or two.
IWM
Sp
Transports
Summary
A relatively quiet Monday. All those doomer bears looking for some kind of dramatic move lower today will clearly be disappointed once again. There sure was some gloomy news stories across the long weekend, but for the moment, Mr Market simply does not care.
A new up trend is due...
Look at the MACD (blue bar histogram) cycle, we are showing the first signs of levelling out, and we could easily climb all the way into the next FOMC of next Thursday Sept'13. Can we take out the recent sp'1426 high? It IS very possible, but it sure won't be easy for the bulls.
Yet, so long as there is no sellside volume, the algo-bots will be free to start a new up cycle. First target after 1426, is the upper bollinger - as seen on the monthly cycle, around the 1460 level
For the moment, yours truly is more than content to just sit back and watch.
A little more later.