1pm update - market trying to break out

We have a number of marginal technical breaks to the upside, and there is increasing likelihood that sp'1815 was the C wave low. More than anything, the VIX is highly suggestive of a market that is ready to break new highs, having already broken into the 11s..for the second consecutive day.


VIX'daily3

Summary

The broader upward trends are holding, especially clear on the Trans/R2K.

Anyone still think the 1700s are viable? I just can't see it. VIX says.... NO !
-

Notable strength (of which there is a lot today): TSLA, +8%, DRYs +3.8%, RIG 1.9%, STX 2.9%


TSLA, daily

*I'm really not sure what to make of TSLA, it remains a bizarre momo stock..and earnings will be fascinating to see. Regardless, any daily closes >170..and market will be gunning for new highs.


1.34pm.. TSLA +10.9%....crazy. A rough day for anyone shorting that nonsense.

Main market looks okay. Vulnerable to a small wave lower in the next hour..but 1830 would be a natural level to hold.

Daily cycles turning upward...upside into next week.