11am update - a weekly close in the 1900s?

With zero downside pressure, the market is once again in algo-bot melt mode, with the VIX similarly on the slide. A weekly close in the sp'1900s is viable, along with VIX in the low 11s. Even the R2K is breaking outside of the descending trend...upside target remains 1170/80.


R2K, daily

Summary

*I could say all sorts of things on how I feel about seeing the R2K finally beginning a new climb (having bailed two days ago)..suffice to say.......

...at least I'm not short.
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So..all those spike floor candles are indeed...exactly that. They were early warnings that the R2K (and Nasdaq) have completed their wave lower from early March, and we're now in the process of a bounce.

Worse case..we just keep pushing higher across much of the year, but I'm STILL guessing we get stuck, potentially forming a very large H/S for the R2K.

yours....on the sidelines
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11.17am.. Transports making a play for the 8000s, along with sp'1900s, and Dow 16600s.