11am update - eyes on the transports

The old leader - the transports is still leading, and warning of trouble. A break <5080 would be a key break of near term up trend, and open up 5000 by late early Monday. VIX is starting to show some power.


trans'60min

VIX'60min

Summary

We are seeing a little weakness, and despite the attempt at breaking new highs, the market has failed.

VIX is on the move, although I'd have to see a 10% move to consider is anything than 'noise'
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So, I will keep my eyes on the old leader, a break <5080 would be significant, and would suggest the sp' will be  trading <1400 'soon'.
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UPDATE 11.25am We're seeing good weakness in the old leader. The first warning might be triggered within next hour or two.