12pm update - eyes on the two leaders

The US equity market remains broadly lower, although clearly.. nothing particularly significant yet. The two leaders - Trans/R2K, are currently -1.5% and -0.8% respectively. Both are highly vulnerable to breaking rising trend/support this week, which would equate to sp'2050/40s, with VIX spiking into the upper teens.


Trans, daily

R2K, daily

Summary

For now, things remain pretty subdued, but I do think the two leaders are something we should be keeping in mind across this week.

First key level on the Trans is around 7800... and for the R2K.. 1100.
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notable weakness... oil/gas drillers, RIG, daily

A broadly ugly chart... having utterly imploded since summer 2014. Recent price action is merely indicative of more exhaustion on the upside.. but making just another lower mid term high.

RIG remains on my disappear list... not least as industrial - and commodity, capitulation still has not occurred.
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time for some sun... or rain.